Gold price remains sideways while US Dollar strengthens on upbea
Gold price dips from fresh highs near $2,430 as investors don’t see Middle East tensions escalating further.
US bond yields soar as the Fed seems to initiate the rate cut cycle from September.
The US Dollar exhibits strength on strong US Retail Sales data.
Gold price (XAU/USD) struggles for a firm footing near $2,350 in Monday’s early New York session after posting hefty losses on Friday. The precious metal loses shine in the very-short term as investors expect that geopolitical tensions will not escalate further. United States President Joe Biden said that his nation will not support the counterattack from Israel on Iran.
Receding Federal Reserve (Fed) rate cut bets for the June and July meetings, combined with less fears of further escalating Iran-Israel tensions, have put some pressure on Gold. Fed policymakers support keeping interest rates restrictive before they get convinced that inflation will return to the required rate of 2%
US bond yields soar as the Fed seems to initiate the rate cut cycle from September.
The US Dollar exhibits strength on strong US Retail Sales data.
Gold price (XAU/USD) struggles for a firm footing near $2,350 in Monday’s early New York session after posting hefty losses on Friday. The precious metal loses shine in the very-short term as investors expect that geopolitical tensions will not escalate further. United States President Joe Biden said that his nation will not support the counterattack from Israel on Iran.
Receding Federal Reserve (Fed) rate cut bets for the June and July meetings, combined with less fears of further escalating Iran-Israel tensions, have put some pressure on Gold. Fed policymakers support keeping interest rates restrictive before they get convinced that inflation will return to the required rate of 2%