1. Gold retreats further from a multi-month top and is pressured by a modest USD uptick.
2. Wednesday’s upbeat US Retail Sales cast doubt on a less hawkish Fed and lifts the buck.
3. Depressed US bond yields and the risk-off mood could offer some support to the metal.
Gold extends the previous day's retracement slide from its highest level since mid-August and remains under some selling pressure for the second successive day on Thursday. The initial market reaction to the latest geopolitical development fades rather quickly after early information points to the missile that hit Poland on Tuesday being accidentally fired by Ukrainian forces. This, along with the emergence of some US Dollar buying during the Asian session, contributes to the offered tone surrounding the dollar-denominated commodity.
2. Wednesday’s upbeat US Retail Sales cast doubt on a less hawkish Fed and lifts the buck.
3. Depressed US bond yields and the risk-off mood could offer some support to the metal.
Gold extends the previous day's retracement slide from its highest level since mid-August and remains under some selling pressure for the second successive day on Thursday. The initial market reaction to the latest geopolitical development fades rather quickly after early information points to the missile that hit Poland on Tuesday being accidentally fired by Ukrainian forces. This, along with the emergence of some US Dollar buying during the Asian session, contributes to the offered tone surrounding the dollar-denominated commodity.