Gold Price Forecast: XAU/USD slide as US yields soar after Fitch’s downgrades US debt – by christianborjon Gold XAUUSD Metals
shifting sour. That, alongside US Dollar strength following an upbeat US jobs report, is the primary driver of XAU/USD’s price action. At the time of writing, the XAU/USD is trading at $1,937.75, down 0.73%.Wall Street treads water as sentiment remains depressed following Fitch’s downgrading of debt of the. Despite that, US Treasury bond yields rose, led by the US 10-year benchmark note rate at 4.067%, which gains four basis points after reaching 4.126% during the North American session.
Fitch’s revision to US Government debt from AAA to AA+ was blamed “on a perceived deterioration in US governance, which it said gave less confidence in the government’s ability to address fiscal and debt issues,” according to sources cited by Reuters. Hence, market participants sought safety, with the US Dollar and the Japanese Yen leaders in Wednesday’s session.
In the meantime, the ADP National Employment report flashed that private hiring grew by 324K exceeding estimates of 189K, ahead of July’s USRegarding Tuesday’s data, the ISM Manufacturing PMI came at recessionary territory below the 50 figure for the ninth straight month, though it continued to improve; compared to June’s 46, it arrived at 46.4. Even though it was an improvement, the trend appears to slow down.Index , a measure of the buck’s value against a basket of six currencies, advances 0.
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