Gold price hit a weekly high of $1857.69, with the financial markets being hit by geopolitical unrest due to the conflict between Israel and Palestini
Gold price to remain bid if geopolitical unrest escalates. Federal Reserve officials adopt a cautious and nimble approach toward mitigating high inflation. XAU/USD’s traders eye US inflation data and Fed commentary. an Islamist group Hamas during the weekend and bolstering the appetite for Gold’s safe-haven status. XAU/USD is trading at $1856.63, gains more than 1.30%, after printing a daily low of $1843.80.
47% with the US bond markets closed, while the 10-year yield plummets 15-baiss points from 4.797% to 4.657%. Aside from this, the US economic agenda was absent in the observance of Columbus Day. Ahead in the week, US inflation data on the producer and the consumer side would be crucial in dictating the US Federal Reserve’s next move. Gold Price Analysis : Technical outlook After bottoming at around $1810.
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