Gold Price News and Forecast: XAU/USD gears up for $1,800, Biden’s ‘Joint Congress’ in focus
|Gold Price Analysis: XAU/USD refreshes weekly high above $1,780 on Biden’s ‘Joint Congress’ speech
Gold inches closer to the $1,800 threshold, refreshing weekly top to $1,788.31 by the press time of early Thursday. In doing so, the yellow metal takes the bids for the second consecutive day on the weaker US dollar. Recently propelling the commodity prices are the comments from US President Joe Biden. The preliminary reading of US Q1 GDP, covid and vaccine updates are crucial.
Gold Price Analysis: XAU/USD gears up for $1,800, Biden’s ‘Joint Congress’ in focus
Gold buyers extend post-Fed gains to $1,783, up 0.10% intraday, during the initial Asian session on Thursday. The US Federal Reserve’s (Fed) moves, actually inaction, dragged down the greenback and backed the bright metals heaviest jump in a week the previous day. The quote’s latest moves seem to take clues from the cautious optimism concerning US President Joe Biden’s speech.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.