Gold price tanks for the third straight day on Thursday, refreshing one-week lows after economic data from the United States spurred a jump in US Treasury yields and boosted the American Dollar.
Gold price declines for third straight day, now at $2,332, down from high of $2,383. Strong US economic data boosts Treasury yields and US Dollar, impacting Gold prices. Fed minutes suggest more rate hikes possible if inflation continues, rate cut expectations reduced to 27 basis points by end of 2024. Emerging market central banks have acquired 2,200 tons of gold since Q3 2022, influenced by sanctions on Russia.
Technical analysis: Gold price slides below $2,350 as bears target $2,300 Gold price remains upwardly biased despite posting losses for the third straight day. In the short term, momentum has shifted negatively. This is shown by the Relative Strength Index , which dropped below the 50-midline, an indication that sellers are in charge. That said, the XAU/USD’s first support would be the May 13 low at $2,332, followed by the May 8 low of $2,303.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold price dips as US Treasury yields recoverGold prices fell in the mid-North American session on Thursday, below $2,390, as US Treasury yields recovered and underpinned the Greenback.
Read more »
Gold price surges as US Treasury yields weaken on soft US dataGold price resumed its uptrend on Thursday and climbed more than 1% as US Treasury yields dropped, undermining the Greenback's appetite.
Read more »
Gold price on May 22: Gold price risesGold prices rose in India on Wednesday, according to data from India's Multi Commodity Exchange (MCX).
Read more »
Strong to severe storms possible Thursday and Thursday nightMontgomery, Alabama
Read more »
Gold edges lower amid high US Treasury yields, strong US DollarGold price hovers around familiar levels on Wednesday during the North American session amid rising US Treasury yields and a strong US dollar.
Read more »
Treasury Metals to combine with Giustra-backed Blackwolf Copper and GoldNo 1 source of global mining news and opinion
Read more »