The price of gold (XAU/USD) modestly rebounded at the beginning of Thursday's trading session. The recovery of the precious metal was supported by a decrease in interest rates on US Treasury bonds following the Federal Open Market Committee's policy meeting. At the time of writing, gold is trading higher for the day at $1,985.
Meanwhile, the US Dollar Index (DXY), which measures the value of the USD against a basket of global currencies, dropped to 106.67, retreating from its weekly high of 107.10. Interest rates on US Treasury bonds adjusted lower, with the 10-year bond yield decreasing to 0.73% and the 2-year bond yield dropping below 0.50%.
The current environment is a perfect catalyst for this precious metal, and prices could potentially reach $2,050 as expected in the near future.
Meanwhile, the US Dollar Index (DXY), which measures the value of the USD against a basket of global currencies, dropped to 106.67, retreating from its weekly high of 107.10. Interest rates on US Treasury bonds adjusted lower, with the 10-year bond yield decreasing to 0.73% and the 2-year bond yield dropping below 0.50%.
The current environment is a perfect catalyst for this precious metal, and prices could potentially reach $2,050 as expected in the near future.
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