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.
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