Gold price (XAU/USD) is sustaining an outstanding rally on Friday as geopolitical tensions rise in the conflict between Israel and Palestine. Traders
Gold prices surge, trading at $1,929.20, reflecting a gain of over 3% amidst the escalating Israel-Palestine conflict. Shift from aerial to ground operations in Gaza by Israel intensifies geopolitical tensions, bolstering safe-haven assets. Deteriorating US Consumer Sentiment and dovish remarks from Philadelphia Fed President Patrick Harker apply pressure to US Treasury yields. seeking safety flock towards the yellow metal amid times of uncertainty, while the Greenback is also advancing.
Consequently, US Treasury bond yields decelerated, particularly the US 10-year Real Yields, which remain at 2.289%, falling seven basis points, following the footsteps of the 10-year benchmark note, yielding 4.629%, down 7 basis points. In the meantime, the US Dollar Index advances 0.08% and sits at 106.66, usually a headwind for Gold prices, with both safe-haven, which generally correlates negatively, moving in tandem to the upside.
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