Gold Price Forecast: XAU/USD steadies around $1,700 mark, not out of the woods yet – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
Gold remains depressed for the third successive day, though the downside seems cushioned.Retreating US bond yields seem to cap gains for the USD and lend support to the XAU/USD.
Unabated US dollar buying continues for the third successive day, which turns out to be a key factor exerting downward pressure on the dollar-denominated gold. In fact, the USD Index, which measures the greenback's performance against a basket of currencies, hits a fresh two-decade high and remains well supported by hawkishTuesday's upbeat US ISM Services PMI reaffirmed market bets that the US central bank will continue to hike interestmore aggressively to tame inflation.
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