Rena_Potter

USD Strength and Bond Yields: Will They Crush Gold's Uptrend?

Short
Rena_Potter Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Greetings, fellow traders and gold enthusiasts! Join Rena in exploring the gold price (XAU/USD) trend predictions for today!

Currently, gold is hovering around the $2,320 USD/ounce mark, following a dip triggered by China's announcement to halt its national gold reserve accumulation.

Today's trend might lean towards a decline due to the strength of the USD and elevated bond yields.
Comment:
According to Kitco, as of 5:00 AM Vietnam time today, the global spot gold price is trading at USD 2,316.52 per ounce, up USD 5.21 from yesterday's closing price.
Comment:
The Fed is expected to raise interest rates in the coming period, curbing demand for gold due to the increased opportunity cost of holding gold. However, the extent and timing of the rate hikes will significantly impact gold prices.

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