Back

Gold Price Analysis: XAU/USD Stays Resilient Amid Favorable US Economic Data

Contrary to the speculation around the bond yields indicating a potential recession, US Treasury Secretary Janet Yellen affirmed that the uptick in bond yields mirrors the robustness of the US economy rather than any fiscal deficits. Yet, the US Treasury bond yields witnessed a dip on Friday, with the 10-year bond yield settling at 4.86%, having pulled back from 5.00%. This yield shift played a role in propelling gold prices, even against the backdrop of encouraging US economic indicators.

Market participants will be keenly observing the forthcoming US Core PCE for September. Forecasts suggest a monthly and yearly increment of 0.3% and 3.7%, respectively. Additionally, data on US Consumer Inflation Expectation and the Michigan Consumer Sentiment Index for October is slated for release. The forthcoming Federal Open Market Committee (FOMC) gathering next week will be of significant interest.


Source link

Wealthfargo
Wealthfargo

Leave a Reply

Your email address will not be published. Required fields are marked *

We use cookies to give you the best experience. Cookie Policy