Gold Price Forecast: XAU/USD eases amid firmer yields, United States, China statistics eyed Gold XAUUSD SEO YieldCurve Commodities
etal remains down for the second consecutive day in the last five as the US Dollar traces upbeat Treasury bond yields to pare the week-start losses ahead of the key United States data.US Dollar Index picks up bids bid to refresh the intraday high near 103.75 during the two-day rebound from a one-month low, which in turn exerts downside pressure on the Gold price.
“The Federal Reserve is seen raising its benchmark rate a quarter of a percentage point next week and again in May, as a government report showed U.S. inflation remained high in February, and concerns of a long-lasting banking crisis eased,” said Reuters following the US inflation data release.bets and upbeat US Treasury bond yields allow the US Dollar to remain firmer and keep the XAU/USD bears hopeful.
That said, the Gold bears seem convinced of the latest cautious optimism in the market and the US Dollar rebound. However, the key statistics from the United States and China need to validate the XAU/USD's fall.Although the Gold price triggered the first bearish signal in four the previous day, mixed figures of the United States Consumer push the metal sellers to reconfirm the bounce in the US Treasury bond yields and the US Dollar.
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