Gold Price Analysis: XAU/USD hits two-week high, around $1,675 area amid weaker USD – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
session. The intraday move-up is exclusively sponsored by the heavily offered tone surrounding the US dollar, which tends to benefit the dollar-denominated commodity.
In fact, the USD Index, which measures the greenback's performance against a basket of currencies, hits a one-month low amid diminishing odds for a more aggressive policy tightening by the Fed. The dismal US macro data released on Tuesday pointed to deteriorating growth in the world's largest economy and might force the US central bank to soften its hawkish stance. Investors now anticipate a potential slowdown in the pace of the Fed's rate-hiking cycle.
Market participants now look forward to the release of the New Home Sales data from the US for some impetus later during the early North American session. This, along with the US bond yields, will drive the USD demand and produce short-term opportunities around gold. Traders will further take cues from the broader market risk sentiment.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pure Gold places Ontario mine on care and maintenance due to cash constraintsPure Gold places Ontario mine on care and maintenance due to cash constraints. miningnews
Read more »
The Denver Post’s 2022 Gold Helmet Award nomination formOnce again, The Denver Post will award the Gold Helmet to an extraordinary senior high school football player from Colorado who’s also a star in the classroom and the community. To nominate a player, fill out this form. COpreps
Read more »
Gold Price Forecast: XAU/USD rebound eyes $1,670 hurdle amid softer DXYGold price (XAU/USD) renews its intraday high around $1,653, reversing the previous day’s pullback from a one-week top, as a softer US dollar favors t
Read more »
Saweetie's Dress Is Covered in 12 Cutouts Held Together by Gold ChainsSaweetie wore a black cutout maxi dress to celebrate her 'The Single Life' music project.
Read more »
France enters 'white gold' rush as top producer aims to supply Europe with lithiumLithium is crucial to the batteries that power electric vehicles.
Read more »
Gold vs BTC correlation signals Bitcoin becoming safe haven: BofASelling pressure on Bitcoin in the near term is limited as investors have been increasingly offloading BTC from exchanges to personal wallets in October, BofA said.
Read more »