Gold Price Forecast: XAUUSD climbs to two-week high, around $1,865 area amid weaker USD By HareshMenghani Gold Commodities Fed RiskAppetite XAUUSD
Broad-based USD weakness was seen as a key factor that underpinned the XAUUSD.kicked off the new week on a positive note and build on its recent goodish rebound from the $1,786 region, or the lowest level since late January touched last Monday. The XAUUSD extended its steady intraday ascent through the first half of the European session and climbed to a nearly two-week high, around the $1,863 zone in the last hour.
Given that at least 50 bps Fed rate hike move over the next two meetings is already priced, investors continued to unwind bets for any furthergains. In fact, the key USD Index dropped to a near one-month low, which, in turn, was seen as a key factor that benefitted the dollar-denominated gold. That said, a combination of factors might keep a lid on any further gains for the precious metal, warranting caution for aggressive bullish traders.
Hopes that loosening COVID-19 lockdowns in China could boost the global economy remained supportive of the risk-on impulse. This was evident from a generally positive tone around the equity markets and reinforced by an uptick in the US Treasury bond yields, which could act as a headwind for the traditional safe-haven gold.
In the meantime, the USD price dynamics will play a key role in influencing intraday movement for gold prices. Apart from this, the broader market risk sentiment and the US bond yields would be looked upon for some short-term opportunities around the XAUUSD amid absent relevant market moving economic releases from the US.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAUUSD to cheer the return of haven seekers – ANZRising interest rates and a stronger US dollar have weighed on gold prices recently. Nevertheless, a heavy sell-off in equity markets, amid deteriorat
Read more »
Oxfam: Food, energy tycoons made $1 billion every 2 days during pandemicFood and energy tycoons made $1 billion every 2 days amid soaring inflation while millions 'are skipping meals, turning off the heating': Oxfam
Read more »
AAPI leaders, visionaries celebrated at inaugural Gold House's Gold Gala in LAThis AAPI Heritage Month, a big celebration was held to recognize some of the most important leaders and visionaries in the Asian American community.
Read more »
Michael Jordan Autographed Court Card Hits Auction, Could Fetch Over $1 Mil!A Michael Jordan signed court card has just hit the auction block ... and it's such a rare piece, it could sell for over $1 million!
Read more »
Rare 1939 Detective Comics issue that introduced Batman approaches $1.5M record as auction winds downA rare copy of Detective Comics 27 -- the issue that introduced the world to Batman in 1939 -- is set to fetch more than $1 million at auction this weekend and could flirt with a record for that edition.
Read more »
Olympic gold medalist Tom Daley is 'Coming Up for Air' in new memoirTom Daley always dreamed of making it to the Olympic. But when he got there, camera flashes distracted him on his first dive. Luckily, the referee granted him a re-do.
Read more »