Gold price (XAU/USD) rose sharply as Middle East tensions kept escalating and the Federal Reserve (Fed) Chair Jerome Powell endorsed a stable interest
Gold price extends upside as Israel prepares to attack Hamas group. Fed Chair Powell supported neutral interest rates amid higher US bond yields. 10-year US Treasury yields jump above 4.9% amid unsustainable Congress budget deficits. rate policy in his speech on Thursday. The demand for bullion strengthened as Israeli troops prepared to enter the Gaza strip with the goal of dismantling Hamas, the Palestinian military group.
Dallas Fed Bank President Lorie Logan said on Thursday that she is unsure about consumer inflation declining to 2% and emphasized the need for weakness in the job market to achieve price stability. Lorie Logan cited that higher bond yields and recent economic data have bought some time for the central bank to keep interest rates unchanged.
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