XAU/USD attracts some sellers below $2,000 on the renewed USD demand
The post XAU/USD attracts some sellers below $2,000 on the renewed USD demand appeared on BitcoinEthereumNews.com.
Gold price loses ground near $1,990 on the firmer US Dollar, higher Treasury yields. University of Michigan Consumer Sentiment Index rose to 61.3 in November versus the 60.4 initial reading. The FOMC Minutes showed all participants agreed that policy decisions would continue to be based on the totality of incoming information. Gold traders will monitor the US S&P Global PMI on Friday. Gold price (XAU/USD) loses its recovering momentum after retreating from $2,006 during the early Asian session on Thursday. Yellow metal attracted some sellers after the upbeat US consumer sentiment report saw the US Treasury yield and the US Dollar recovering. Markets remain subdued ahead of the Thanksgiving Day holiday in the United States on Thursday. Gold price currently trades around $1,990, up 0.02% on the day. Meanwhile, the US Dollar Index (DXY), an index of the value of the USD measured against a basket of six world currencies, hovers around 103.88. The US Treasury yields edge higher, with the 10-year yields climbing 4.40%. This, in turn, weighs on the yellow metal as US yields are the opportunity cost of holding non-yielding metals. The US University of Michigan Consumer Sentiment Index rose to 61.3 in November from an initial reading of 60.4, its fourth consecutive monthly fall. Furthermore, the UoM 1-year inflation expectations rose to 4.5% from the preliminary 4.4%. The 5–10y inflation expectations were steady at 3.2%. Durable Goods Orders dropped 5.4% MoM in October versus a 4.6% rise prior. In the labor market, the Jobless Claims for the week ending November 17 unexpectedly fell to 209,000, the biggest fall since June while Continuing Claims declined to 1.84M versus 1.862M prior. On Tuesday, the November Federal Open Market Committee (FOMC) Meeting Minutes showed all participants agreed to proceed carefully and policy decisions at every meeting would continue to…
Filed under: News - @ November 23, 2023 12:24 am