Gold update
Gold price trades with a positive bias for the sixth straight day and stands tall near the all-time peak.
Reduced June Fed rate cut bets continue to underpin the USD and might act as a headwind for the metal.
The cautious market mood, along with geopolitical risks, could lend support to the safe-haven XAU/USD.
Gold price (XAU/USD) trades with a positive bias for the sixth successive day on Tuesday and remains well within the striking distance of the all-time peak, around the $2,265-$2,266 area touched the previous day. Geopolitical tensions were ratcheted up following reports that an Israeli strike hit a building next to Iran's embassy in Syria's capital. This, along with doubt over whether the Federal Reserve (Fed) will cut interest rates three times this year, takes its toll on the global risk sentiment and acts as a tailwind for the safe-haven precious metal.
Meanwhile, the upbeat US manufacturing data released on Monday forced investors to trim their bets for a June Fed rate cut. This remains supportive of elevated US Treasury bond yields and lifts the US Dollar (USD) to its highest level since February 14, which, in turn, keeps a lid on any further appreciating move for the non-yielding Gold price. Bulls also prefer to wait for some near-term consolidation amid overstretched conditions on the daily chart, ahead of the US macro data and speeches by a slew of influential FOMC members later today.g
Reduced June Fed rate cut bets continue to underpin the USD and might act as a headwind for the metal.
The cautious market mood, along with geopolitical risks, could lend support to the safe-haven XAU/USD.
Gold price (XAU/USD) trades with a positive bias for the sixth successive day on Tuesday and remains well within the striking distance of the all-time peak, around the $2,265-$2,266 area touched the previous day. Geopolitical tensions were ratcheted up following reports that an Israeli strike hit a building next to Iran's embassy in Syria's capital. This, along with doubt over whether the Federal Reserve (Fed) will cut interest rates three times this year, takes its toll on the global risk sentiment and acts as a tailwind for the safe-haven precious metal.
Meanwhile, the upbeat US manufacturing data released on Monday forced investors to trim their bets for a June Fed rate cut. This remains supportive of elevated US Treasury bond yields and lifts the US Dollar (USD) to its highest level since February 14, which, in turn, keeps a lid on any further appreciating move for the non-yielding Gold price. Bulls also prefer to wait for some near-term consolidation amid overstretched conditions on the daily chart, ahead of the US macro data and speeches by a slew of influential FOMC members later today.g
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