Gold price is capitalizing on a broad US Dollar retreat, rebounding to a critical resistance. The further recovery, however, appears elusive amid a renewed uptick in the US Treasury bond yields. The benchmark 10-year US Treasury bond yield is flirting with fresh 16-year highs of 4.511%.
Later in the day, Gold traders will look forward to the US, UK and Euro area business PMI data for fresh hints on the state of the global economy, as major economies remain on the brink of recession. If risk-aversion seeps in on discouraging PMI reports, the US Dollar is likely to find fresh safe-haven demand, checking the Gold price recovery.
Later in the day, Gold traders will look forward to the US, UK and Euro area business PMI data for fresh hints on the state of the global economy, as major economies remain on the brink of recession. If risk-aversion seeps in on discouraging PMI reports, the US Dollar is likely to find fresh safe-haven demand, checking the Gold price recovery.
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