Gold Rises as Dollar and Treasury Yields Dip Ahead
Gold prices strengthened on Wednesday, finding support as the U.S. dollar and Treasury yields experienced a slight retreat, maintaining gold above the critical $1,900 threshold.
At 0519 GMT, spot gold displayed a 0.3% increase, reaching $1,902.63 per ounce, distancing itself further from the five-month lows observed last week. Simultaneously, U.S. gold futures rose by 0.3% to $1,931.70.
The dollar index remained below its two-month highs, while the recent surge in U.S. Treasury yields, which had reached levels not seen in almost 16 years, took a temporary pause, providing some respite for the non-interest-bearing gold.
Investors will closely monitor the annual Jackson Hole Symposium in Wyoming later this week for any indications regarding the potential trajectory of interest rates. Of particular interest is Federal Reserve Chair Jerome Powell's speech scheduled for Friday.
XAUUSD
SELL 1904 -1906🕯
✅ TP1: 1896
✅ TP2: 1890
⚠️ SL: 1910
At 0519 GMT, spot gold displayed a 0.3% increase, reaching $1,902.63 per ounce, distancing itself further from the five-month lows observed last week. Simultaneously, U.S. gold futures rose by 0.3% to $1,931.70.
The dollar index remained below its two-month highs, while the recent surge in U.S. Treasury yields, which had reached levels not seen in almost 16 years, took a temporary pause, providing some respite for the non-interest-bearing gold.
Investors will closely monitor the annual Jackson Hole Symposium in Wyoming later this week for any indications regarding the potential trajectory of interest rates. Of particular interest is Federal Reserve Chair Jerome Powell's speech scheduled for Friday.
XAUUSD
SELL 1904 -1906🕯 ✅ TP1: 1896
✅ TP2: 1890
⚠️ SL: 1910
