Silver traders ignore strong dollar and rising Treasury yields.
The gold market has pulled back early on Wednesday, as we are looking to find some kind of clarity. Unfortunately, that clarity won't be coming anytime soon as the leaders of a few countries continue to drag out the conflict.
Gold holds in red for the second consecutive day, pressured by stronger dollar on growing uncertainty in the Middle East and sidelined expectations for potential Fed rate cuts, as inflation in the US rose further (both consumer and producer price index rose significantly in April).
Gold managed to pass above the resistance of 4680 which could lead to a further advance towards target 4765-95. As we see over the chart, the market is facing support around 4590-4630 which could keep the advance movement towards the resistance 4890.
Gold hovers near $4,700 as higher-for-longer rate outlook limits upside
Gold Price Forecast: XAU/USD holds near $4,700 despite high US yields
US CPI hotter than forecast tempers near-term rate-cut hopes as the US-Iran ceasefire holds firm. Gold tests descending channel support at $4,702 while silver delivers a powerful breakout above $86 targeting higher levels.
US CPI hotter than forecast tempers near-term rate-cut hopes as the US-Iran ceasefire holds firm. Gold tests descending channel support at $4,702 while silver delivers a powerful breakout above $86 targeting higher levels.
The Indian rupee hit a new all-time low on Wednesday, falling 0.1% to 95.7450 per dollar. This decline was driven by consistent overseas debt repayments and importer hedging, overshadowing any relief from increased duties on precious metal imports.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data