Gold price hovers around familiar levels on Wednesday during the North American session amid rising US Treasury yields and a strong US dollar.
Gold trades steadily above $2,300, minor shift despite rising US Treasury yields and strong USD. Focus on upcoming US data: unemployment claims, University of Michigan Consumer Sentiment, Fed speeches. China's central bank boosts Gold reserves for 18th consecutive month, reflecting continued demand amid global economic uncertainty.
Following the US NFP data release, the CME FedWatch Tool shows that odds for a quarter-percentage-point cut in September increased from 55% before the report to 85%. After the data release, Fed rate cut probabilities increased with traders expecting 36 basis points of rate cuts toward the end of the year. Technical analysis: Gold price stays bullish despite slumping below $2,320 Gold is upwardly biased despite registering modest losses.
XAUUSD Fundamental Analysis Technical Analysis SEO
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Dollar strengthens following encouraging labor market data, higher US Treasury yieldsThe US Dollar Index (DXY) rose toward 106.25 on Thursday and appears on track to test the November 1 high near 107.10.
Read more »
Strong US CPI Inflation Print Boosts Dollar and Treasury YieldsThe stronger-than-expected US CPI inflation print underpinned the dollar and US Treasury yields, pushing spot gold and US equity index futures southbound. The Fed funds target rate was also repriced, dropping to less than two rate cuts for the year.
Read more »
US Dollar rallies following hot CPI data, surge in Treasury yieldsThe US Dollar Index (DXY) rallied to 105.20, up by nearly 1%, on Wednesday.
Read more »
US Dollar trades neutrally as CPI data looms, Treasury yields declineThe US Dollar Index (DXY) is currently trading at 104.12, remaining rather neutral.
Read more »
Silver Reaches $28.32, Boosted by Falling US Treasury Yields and Softer DollarSilver rallied to an almost three-year high, supported by a decline in US Treasury yields and a weaker US Dollar. Geopolitical tensions and speculations of a less dovish Federal Reserve also contributed to the rise. The market is now focused on the US CPI data for insights into inflation, as the Fed vows to tackle it. The XAG/USD trades at $28.00 per troy ounce after hitting a new multi-month high of $28.32.
Read more »
First Alert Weather Day declared for Wednesday and Wednesday nightVery heavy rain, strong to severe storms and gusty winds are expected to impact the area.
Read more »