-Upcoming Outlook On XAU/USD-
XAU/USD
The price of Gold (XAU/USD) drops below the $2,000 psychological mark during the early Asian session on Wednesday. The stronger US inflation data exerts some selling pressure on the yellow metal as it diminishes hopes of an early rate cut. The gold price currently trades around $1,992, unchanged for the day.
Meanwhile, the US Dollar Index (DXY), an index of the value of the USD measured against a basket of six world currencies, trades near 104.85 after reaching a three-month high of 105.00. The US Treasury yields edge higher, with the 10-year yield standing at 4.32% and the 2-year rate jumping to 4.654%, the biggest one-day jump since May 5, 2023.
With interest rate cut expectations now pushed back until June after the upbeat US CPI report. Gold prices could face further declines if other economic data remains strong.
Good Luck All!
The price of Gold (XAU/USD) drops below the $2,000 psychological mark during the early Asian session on Wednesday. The stronger US inflation data exerts some selling pressure on the yellow metal as it diminishes hopes of an early rate cut. The gold price currently trades around $1,992, unchanged for the day.
Meanwhile, the US Dollar Index (DXY), an index of the value of the USD measured against a basket of six world currencies, trades near 104.85 after reaching a three-month high of 105.00. The US Treasury yields edge higher, with the 10-year yield standing at 4.32% and the 2-year rate jumping to 4.654%, the biggest one-day jump since May 5, 2023.
With interest rate cut expectations now pushed back until June after the upbeat US CPI report. Gold prices could face further declines if other economic data remains strong.
Good Luck All!
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