- Metals gain momentum on a weak dollar and lower Treasury yields.
- Gold is close to this year’s highs.
Gold gained momentum in the last few hours and rose above $1,780, approaching recent highs and keeps bullish tone intact. The dollar Weakness and a drop in recent hours in Treasury yields pushed XAUUSD higher.
The DXY it is falling 0.60% and trading below 106.00. While the yield of the 10-year bond yields 3.78%. Tuesday’s inflation data reaffirmed market expectations, and the view of several Federal Reserve officials, that the central bank will ease the pace and magnitude of interest rate hikes. The Wednesday retail sales data to be released in the US that may have an impact on the market.
Lower yields coupled with a weak dollar pushed gold from daily lows of $1,770 to $1,785, just shy of the multi-month high hit on Tuesday.
The Bullish tone in metals remains standing. Silver also rises and once traded above $22.00, before falling back to $21.90. On Tuesday the price went as high as $22.24 and then fell to find support at $21.40.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
