[Invesco: Gold Has Priced in the 'Tightening Trend,' But Not the 'Real Yield'] According to Golden Finance, on June 26, following the release of U.S. inflation data on Thursday, bond traders slightly lowered their expectations for Federal Reserve rate hikes this year, with the probability of a rate hike next month dropping to about one-third. However, the trend of tight monetary policy continues to pose a challenge for gold, making its investment appeal less attractive compared to yield-bearing assets like Treasury bonds. 'Gold has almost priced in the risk of further tightening by the Federal Reserve, but it has yet to price in the persistent pattern of "long-term elevated" real yields,' said Invesco market strategist David Chao.