XAU/USD pulls back from five-month high, trades near $1,970
The post XAU/USD pulls back from five-month high, trades near $1,970 appeared on BitcoinEthereumNews.com. Gold prices snap the winning streak amid US Dollar rebound. Escalation of the Israel-Hamas conflict could limit the downfall in the prices of Gold. Greenback receives upward support on improved US Treasury yields. Dovish remarks by Fed officials weakened the buck. Gold price halts the winning streak that began on October 17, trading lower around $1,970 per troy ounce during the Asian session on Monday. While geopolitical tensions between Israel and Hamas typically contribute to a higher demand for gold as a traditional safe-haven asset, the current risk-on sentiment is posing a challenge to the price of gold. The US Dollar Index (DXY) rebounds, trading higher around 106.30 at the time of writing. The US Dollar receives upward support due to the positive momentum in US Treasury yields, with the 10-year US Treasury yield standing at 4.98%, up by 1.30% by the press time. The Greenback is also potentially supported by robust US economic data released during the previous week. The recent job data paints a picture of a robust economy. Weekly Initial Jobless Claims have reached their lowest level since January, indicating a solid and resilient job market. However, a contrasting trend is seen in existing home sales, which have fallen to their lowest point since 2010, signaling challenges in the housing market. Atlanta Fed President Raphael Bostic, on Friday, expressed that the Federal Reserve is unlikely to lower interest rates before the middle of next year. Fed Philadelphia President Patrick Harker reiterated his preference for maintaining unchanged interest rates. Furthermore, Fed Cleveland President Loretta Mester stated that the Fed is “at or near the peak of the rate hike cycle.” However, Mester also acknowledged that the data released in the previous week could influence the central bank’s decision regarding the future of monetary policy. Federal Reserve (Fed) Chairman…
The post XAU/USD pulls back from five-month high, trades near $1,970 appeared on BitcoinEthereumNews.com.
Gold prices snap the winning streak amid US Dollar rebound. Escalation of the Israel-Hamas conflict could limit the downfall in the prices of Gold. Greenback receives upward support on improved US Treasury yields. Dovish remarks by Fed officials weakened the buck. Gold price halts the winning streak that began on October 17, trading lower around $1,970 per troy ounce during the Asian session on Monday. While geopolitical tensions between Israel and Hamas typically contribute to a higher demand for gold as a traditional safe-haven asset, the current risk-on sentiment is posing a challenge to the price of gold. The US Dollar Index (DXY) rebounds, trading higher around 106.30 at the time of writing. The US Dollar receives upward support due to the positive momentum in US Treasury yields, with the 10-year US Treasury yield standing at 4.98%, up by 1.30% by the press time. The Greenback is also potentially supported by robust US economic data released during the previous week. The recent job data paints a picture of a robust economy. Weekly Initial Jobless Claims have reached their lowest level since January, indicating a solid and resilient job market. However, a contrasting trend is seen in existing home sales, which have fallen to their lowest point since 2010, signaling challenges in the housing market. Atlanta Fed President Raphael Bostic, on Friday, expressed that the Federal Reserve is unlikely to lower interest rates before the middle of next year. Fed Philadelphia President Patrick Harker reiterated his preference for maintaining unchanged interest rates. Furthermore, Fed Cleveland President Loretta Mester stated that the Fed is “at or near the peak of the rate hike cycle.” However, Mester also acknowledged that the data released in the previous week could influence the central bank’s decision regarding the future of monetary policy. Federal Reserve (Fed) Chairman…
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