Gold Price Forecast: XAU/USD eyeing a firm break above $1800, US GDP in focus
Gold (XAU/USD) extended its recovery from eight-day lows of $1763 and rallied as high as $1782 after the US dollar’s sell-off accelerated alongside the decline in the Treasury yields after the Federal Reserve (Fed) kept the monetary policy settings unchanged on Wednesday. It was the dismissal from Fed Chair Powell on tapering talks, which hammered the greenback across the board while the 10-year US rates fell from near 1.65% to 1.61%. While acknowledging improvement in the economic outlook, courtesy of the successful vaccination drives, Powell downplayed concerns over rising inflation, calling them transitory. Read more...
Gold Price Analysis: XAU/USD remains depressed below $1,780 level ahead of US GDP
Gold continued losing ground through the mid-European session and dropped to fresh daily lows, around the $1,772 region in the last hour.
The precious metal struggled to capitalize on its early positive move, instead witnessed an intraday turnaround from one-week tops. The underlying bullish tone was seen as a key factor that acted as a headwind for the safe-haven XAU/USD. This, along with a strong pickup in the US Treasury bond yields, prompted some fresh selling around the non-yielding yellow metal. Read more...
Gold Price Analysis: XAU/USD trades with modest losses below $1,780, US GDP awaited
Gold extended its steady descent through the early European session and refreshed daily lows, around the $1,775 area in the last hour.
The precious metal built on the previous day's goodish rebound from one-and-half-week lows and gained some traction during the first half of the trading action on Thursday. The US dollar added to the post-FOMC losses and dropped to over two-month lows. This, in turn, was seen as a key factor that provided a modest lift to the dollar-denominated commodity. Read more...
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