Gold Price Today: Reversing to increase in price!
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Currently, gold price has increased by 21.9 USD, reaching 2,357.6 USD/ounce, recovering to the high level from last week after positive news announced last evening.
The main reason is the weakening of the USD and Treasury bond yields after data on US producer prices in April were published. The USD fell 0.2%, making gold more attractive to investors using other currencies. Yields on 10-year Treasury bonds also fell, reducing the opportunity cost of holding gold, thereby boosting gold prices.
In addition, the fact that Fed Chairman Jerome Powell did not signal a rise in interest rates is also a positive factor, which can help gold prices continue to grow.
The main reason is the weakening of the USD and Treasury bond yields after data on US producer prices in April were published. The USD fell 0.2%, making gold more attractive to investors using other currencies. Yields on 10-year Treasury bonds also fell, reducing the opportunity cost of holding gold, thereby boosting gold prices.
In addition, the fact that Fed Chairman Jerome Powell did not signal a rise in interest rates is also a positive factor, which can help gold prices continue to grow.
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