Breaking: Gold rises above $2,010/oz to highest level in a year
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- XAU/USD is up by more than 1%, rises $35 in an hour.
- Price was already higher and received another boost after US data.
- US yields and the US Dollar are falling sharply.
Gold price jumped above $2,010 following the release of US economic data reaching the highest level since March of last year. XAU/USD is rising 1% so far on Tuesday, boosted by a weaker US Dollar and lower US Treasury bond yields.
XAU/USD peaked at $2,024/oz, the strongest level since March 9, 2022. As of writing, it trades at $2,020
Dollar and yield tumble
XAU/USD accelerated to the upside after the beginning of the American session and following the release of US employment data. Job openings fell to 9.93 million from 10.5 million in February, below the 10.4 million expected. A different report showed that Factory Orders fell 0.3% in February, against expectations of a 0.5% decline, and January’s figures were revised lower from -1.6% to -2.1%.
Those number sent US yields sharply lower. The US 10-year stands at 3.38%, the lowest since March 27 while the 2-year dropped from above 4.00% to 3.83%. The DXY broke decisively below 102.00 falling to 101.60, the lowest in two months.
Technical levels
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