Gold Price Forecast: XAU/USD benefits from softer United States Treasury bond yields, Wall Street gains Gold XAUUSD SEO Equities YieldCurve
Treasury bond yields to post mild gains while paying little attention to the risk-negative headlines surrounding China’s Covid conditions and the geopolitical tension in Ukraine. The reason could be linked to Beijing’s reopening, the softer US Dollar and the upbeat performance of Wall Street.Given the negative correlation with the United States Treasury bond yields, Gold price benefited from a pullback in the key bond coupons from the multi-day high.
On Thursday, China’s Center for Disease Control and Prevention top epidemiologist Wu Zunyou warned that Covid is seen spreading throughout the holiday season. Given China’s status as the key Gold user, the nation’s unlock and receding virus fears help the XAU/USD price.Although Moscow unveiled heavy missile fire on Kyiv and Kharkiv, a virtual meeting between China President Xi Jinping and Russian counterpart Vladimir Putin keeps traders hopeful of overcoming the geopolitical tussles.Given the light calendar and the year-end holiday season, Gold traders are likely to keep favoring the upside momentum considering the latest market optimism.
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