Gold declines to near $4,750 as oil-driven inflation worries weigh ahead of US CPI data
Gold nears $4,800 as softer Dollar and yields lift demand
Gold prices have stabilised after recent volatility, with XAU/USD trading at $4,796 (+1.83%) on Thursday, while the price of silver in US Dollars has also rebounded to $76.19 (+3.39%). ANZ notes that precious metals have recently come under pressure, with a stronger US Dollar and a rise in US yields to around 4.4% reducing gold's.
The gold market fell early on Thursday, as we see interest rates climbing again with the uncertainty around the world.
Gold steadies as US-Iran ceasefire doubts keeps markets cautious; US data awaited
Gold: Headline risks keep trade choppy – ING
Gold keeps firmer tone but trading within a narrow range and under key barrier on Thursday, as traders remain cautiously optimistic about still fragile ceasefire in the Middle East.
Amidst the turmoil in the Middle East, the US dollar almost missed an important event – the minutes of the FOMC meeting. Now, the Fed began managing expectations, formally maintaining its stance on cutting rates but kicking this idea down the road.
Gold price spikes to $4858.22 before fading as yields and dollar rebound. Focus shifts to $4744.34 as key level for next move.
Gold managed to meet the 4820-60 target zone and dropped towards the support of 4700. As we see from the chart, Intraday support is at 4700 while the target and resistance is at 4920-50 which could hold this uptrend channel.
Gold (XAUUSD) stabilizes at $4,713 as Middle East ceasefire news offsets safe-haven demand. Discover why the $4,800 resistance is the ultimate pivot for bulls today.
South Africa Net $Gold & Forex Reserve fell from previous $75.835B to $73.187B in March