Gold Around $1,900 as Investors Await Jackson Hole Symposium,...

As Wednesday's trading session approaches, the spot market for gold is experiencing fluctuations, hovering around the $1,900 mark. Investors are biding their time, eagerly anticipating the commencement of the Federal Reserve's Jackson Hole economic symposium, scheduled for Thursday.

Remarkably, the precious metal has shown resilience despite the recent surge in Treasury yields. Just yesterday, the benchmark 10-year note reached its highest yield since 2007, surpassing 4.36%. This impressive climb came after a dip to 3.57% in June.

XAUUSD SELL 1901 -1903🕯

✅ TP1: 1896
✅ TP2: 1890

⚠️ SL: 1908

Comment:

On Wednesday, gold prices advanced, finding stability near the critical $1,900 threshold, thanks to a minor retreat in the U.S. dollar and Treasury yields. This occurred in anticipation of a gathering of central bankers, expected to offer insights into the outlook for interest rates.

Comment:

* Spot gold witnessed a 0.2% increase, reaching $1,900.30 per ounce as of 0123 GMT, while U.S. gold futures also saw a 0.2% rise, reaching $1,929.40.

* The dollar index (DXY) remained below its two-month highs, while the recent surge in U.S. Treasury yields, which had reached levels not seen in nearly 16 years, temporarily halted, providing some relief to gold, a non-interest-bearing asset.

Comment:

At 0519 GMT, spot gold strengthened by 0.3% to reach $1,902.63 per ounce, extending its recovery from the five-month lows recorded last week. Meanwhile, U.S. gold futures also saw a 0.3% increase, reaching $1,931.70.