Gold is rallying hard in Asia on Wednesday, reclaiming the $4,600 barrier while extending its recovery from over one-month lows of $4,501 set on Tuesday.

UK 30-year gilts traded as high as 5.78% on Tuesday, the highest level since 1998, while 10-year yields topped 5.10% with markets pricing in nearly three-quarter-point Bank of England (BoE) rate hikes this year.

The Aussie Dollar seems to have embarked on a consolidative phase, with AUD/USD finding support around the 0.7100 neighbourhood while the upside appears capped by the YTD tops just below 0.7200 the figure.

Spot Gold posts modest intraday gains on Tuesday, changing hands at around $4,550 per troy ounce. The precious metal quickly started the week with a weak tone, as tensions in the Middle East escalated.

When Kevin Warsh takes over the Federal Reserve, the shift will go well beyond personalities. The new Fed chair will likely redefine how policy is delivered and communicated and, crucially, how markets are expected to respond.

Bitcoin price held steady above the important resistance level at $80,000 as the recent momentum continued. The BTC/USD pair was trading at 80,500 on Tuesday, its highest point since January 31st. It has risen substantially from the lowest level this year.