Currently, the price of gold remains stagnant near its five-month low, hovering around $1,896.43 per ounce. This may be attributed to the rising yields on government bonds, putting downward pressure on the precious metal's value. As a result, we can expect gold prices to continue moving sideways or even decline.
The market received some support as the USD Index decreased slightly by 0.1%. However, the yield on 10-year US Treasury bonds continued its upward trend and reached 4.3439%, marking its highest level since October. Consequently, this development has diminished the attractiveness of investing in gold.
Wish you a smooth trading and many big wins:3
The market received some support as the USD Index decreased slightly by 0.1%. However, the yield on 10-year US Treasury bonds continued its upward trend and reached 4.3439%, marking its highest level since October. Consequently, this development has diminished the attractiveness of investing in gold.
Wish you a smooth trading and many big wins:3
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According to Acheron Insights analyst Chris Yates, in the current situation, another rally in the dollar could lead gold prices to continue the consolidation phase.
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While we expect Mr. Powell to issue a neutral stance at the upcoming Jackson Hole, gold is unlikely to rally in the short-term, said James Stanley, market strategist at Stone X.
