The gold price in US dollars (XAU/USD) traded at 4562.406890, up 0.50%, recovering after a sharp recent pullback from above 4700. Gold has been pressured by rising US yields and a stronger Dollar, but Goldman Sachs argues the underlying central-bank demand story remains more resilient than recent data suggested.
After last week's quite sharp moves, several markets are now sitting right on top of make-or-break technical levels.
Gold steadies as USD slips, Fed hike bets cap upside
The gold market looks like a market that will remain noisy, as interest rates in the US and beyond are rising. In this environment, movements tend to be volatile.
Gold back to $5,400? Here's why Goldman Sachs still sees bullish potential ahead
The US dollar posted its best weekly gain in the last two months on the realisation that the conflict in the Middle East is set to continue. The US-China summit failed to yield any breakthroughs on unblocking the Strait of Hormuz, and Donald Trump's threats are not working.
Gold holds $4,555 channel support as 17 months of central bank buying offsets CPI pressure — bulls target $4,597 Fibonacci resistance next.
Gold came under renewed pressure earlier today, briefly breaching below $4,500 level as the recent decline resumed. Although the precious metal later recovered some ground, the broader near-term outlook remains tilted to the downside as rising oil prices continue driving Treasury yields and Dollar higher together.
Gold price extended losses below $4,650 before the bulls appeared. WTI Crude oil prices are rising and could climb further higher toward $105.
Gold: Rates shock weighs on metals – OCBC
Saudi Arabia Gold price today: Gold steadies, according to FXStreet data
Philippines Gold price today: Gold steadies, according to FXStreet data