Gold price plunged more than 1% in the mid-New York session, drafting a new cycle low below the August 21 swing low of $1884.89, as sellers set their
eyes to March 2023 low levels at around $1800. At the time of writing, XAU/USD is trading at $1875 after hitting a daily high of $s1903.98.Risk aversion and elevated US bond yields keep XAU/USD under pressure. US Treasury bond yields continued to climb, with the 10-year benchmark note rates last seen at 4.63%, gaining 1.90%, while fears of the US Federal Government shutdown, which could furlough millions of federal employees next Saturday, added another reason to the already sour sentiment.
Earlier, the US economic docket revealed that US Durable Goods Orders for August increased more than expected, at 0.2% MoM, with estimates for a -0.2% drop; excluding Transports, the so-called core, came at 0.4% MoM, above estimates and the previous month 0.1% expansion.. The calendar will feature the final revision of Q2’s Gross Domestic Product , Pending Home Sales, Initial Jobless Claims, and Fed speakers on Thursday.
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