Gold Price Forecast: XAU/USD firms at around $1870 as the USD turns almost flat Gold XAUUSD Metals
the Economic Club of Washington at 17:40 GMT. Hence, the XAU/USD is exchanging hands at 1874.20 after hitting a daily low of 1865.81 at the time of writing.Wall Street has turned positive, except for the Dow Jones Industrial. A late risk-on impulse at around the London Fix weighed on the US Dollar , with Briton traders squaring their positions ahead of Powell’s speech.
Comments from Federal Reserve officials spurred a reaction from market participants. Raphael Bostic, from the Atlanta Fed, commented that the Fed would need to raise rates further than previously foreseen. Echoing some of its comments was the Minnesota Fed President Neil Kashkari, a voter in 2023, that he anticipates the Federal Fund rate at around 5.4% due to the stronger-than-expected labor market report, which showed that the US central bank needs to keep raising rates.
The reflection of those comments is US bond yields. The 10-year benchmark note rate is 3.652%, up by two bps. After the USreport, the 10-year bond yield rallied 26 bps, as traders expect the Federal Funds rate to peak at around 5.25%. In addition, the US 10-year TIPS bond yield, a proxy for real yields, is advancing one bps, sitting at 1.369%, capping Gold’s rally on Tuesday.
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