Gold price is retreating from a new four-week high of $1,943 but clings to the latest gains amid a broadly subdued US Dollar and a pullback in the US
Gold price charges toward $1,950 as buyers flex their muscles early Wednesday. US Dollar trades subdued with bond yields, despite a cautious mood. China's optimism fades. Gold price recaptures 200 DMA but eyes a sustained move above $1,950. Treasury bond yields. Gold traders await a bunch of Fed speakers for the next push higher, gearing up for Thursday’s speech by US Federal Reserve Chair Jerome Powell.
Meanwhile, the US Dollar struggles to capitalize on increased safe-haven demand, in the wake of the recent dovish commentary by Fed officials, cementing a Fed rate hike pause in November. Upbeat US Retail Sales report temporarily offered some support to the US Dollar on Tuesday. US Retail Sales, unadjusted for inflation, rose 0.7% after upwardly revised increases in the prior two months, according to the Commerce Department.
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