Gold drops as Hormuz firefight fuels US Dollar jump
US Treasuries lost their crown: Why central banks are betting on Gold
Gold prices face pressure as rising Treasury yields, a stronger dollar, and Fed hike fears grow. Friday's NFP report could determine the next move.
With crude oil up for the third day, on fresh escalation of tensions in the Middle, and combined with stronger-than-expected.
Gold declines as Middle East tensions and higher-for-longer Fed outlook weigh
Gold Price Forecast: XAU/USD tests support at $4,450 as the US Dollar rallies
Gold rebounded from the 4450-80 support zone which could initiate a reversal Head-and-Shoulder formation which could push for another rebound towards the 4880 zone. As we see from the chart, prices rebounded from 4450-80 whilst marching towards the resistance neckline of the Head and Shoulders formation around the 4595 zone.
Gold is again on the backfoot as yet another rally on optimism gets faded. Tonight, Iran's IRGC launched a wave of ballistic missile attacks targeting US military bases across the Gulf, including an Air Base in Kuwait.
In April, US inflation stood at 3.8% year-on-year — the highest level since May 2023. A significant contribution came from rising fuel prices amid escalating tensions in the Middle East.
Bitcoin breaks below key support as bearish pressure builds, while the gold-to-Bitcoin ratio signals rising gold outperformance and deeper risk for BTC.
The ongoing US-Iran ceasefire allowed gold and silver to react to technical breakdowns. Gold accelerated lower below $4,500 with strong bearish continuation while silver traded at $74.80.
Pakistan Gold price today: Gold falls, according to FXStreet data