Gold Price Forecast: XAU/USD steady while US Dollar strengthens amidst closed US markets – by christianborjon Gold XAUUSD Metals
conditions drive price action. At the time of writing, XAU/USD is trading at $1952.52 after hitting a daily high of $1958.73.European equities are trading negatively following a week that witnessed three major central banks delivering monetary policy decisions. The Federal Reserve kept rates unchanged but foresaw peak rates at 5.6%, according to the dot-plot in the Summary of Economic Projections .
As US markets remain closed, XAU/USD trading is dictated by yield performance on last Friday’s session. The 10-year benchmark note rate sits at 3.767%, while US real yields, calculated with the nominal yield minus inflation expectations, sit at 1.547%, still below the 2023 high of 1.719%. With US bond yields remaining higher, XAU/USD would likely remain pressured, as high yields, usually mean a stronger US Dollar ., a measure of the buck’s value against a basket of peers, climbs 0.13% at 102.
In the weekend events, US-China talks resumed as the US Secretary of State Anthony Blinken met with its counterpart, the Chinese Foreign Minister Qin, in Beijing. Blinken emphasized the importance of diplomacy and maintaining open channels with China as he invited Qin to Washington. Meanwhile, Qin commented that China is committed to building a stable, predictable, and constructive relationship with the US while maintaining its stance on Taiwan.
Regarding US data, the US NAHB Housing Market Index for June improved from 50 to 55, smashing estimates and, according to the report, the highest reading since July 2022. The report highlighted solid demand and the lack of inventory as the main reasons for the surprising jump.
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