Gold price recovers in the mid-North American session on Thursday after hitting a daily low of $2,638.
Gold rises from $2,638 to $2,659, fueled by escalating tension between Israel and Iran and increasing US Treasury yields. US labor market data softens; however, ISM Services PMI reflects better business activity in September. US Dollar Index up 0.35%, 10-year Treasury yields climb to 3.84%, tempering market expectations for big November rate cut. The golden metal rose on rising fears over the Israel–Iran conflict along with a stronger US Dollar.
7%. According to the CME FedWatch Tool, the chances of a larger 50 bps cut have decreased to 33.3%. XAU/USD technical analysis: Gold price hovers near $2,650-60 The Gold price uptrend is intact, although registered losses see it edging below $2,650. The Relative Strength Index shows momentum remains bullish despite turning flat during the last two trading days. With that said, XAU/USD might trade within familiar levels.
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