The post Gold price remains below $2,750 level on stronger USD, elevated US bond yields appeared on BitcoinEthereumNews.com.

Gold price kicks off the new week on a weaker note amid sustained USD buying interest.  Bets for smaller Fed rate cuts and deficit-spending concerns push the US bond yields higher. Easing fears of a further escalation of the Israel-Iran conflict undermines the XAU/USD.  Gold price (XAU/USD) fails to capitalize on Friday’s late rise back closer to the $2,750 area and opens with a modest bearish gap at the start of a new week. The US Dollar (USD) buying remains unabated in the wake of a fresh leg up in the US Treasury bond yields, bolstered by the growing acceptance that the Federal Reserve (Fed) will proceed with smaller rate cuts, and undermines the commodity. Apart from this, a generally positive risk tone is seen as another factor exerting pressure on the precious metal.  The downside for the Gold price, however, remains cushioned in the wake of safe-haven demand stemming from Middle East tensions and US election jitters. Traders might also prefer to wait on the sidelines ahead of this week’s important US macro releases – the Advance Q3 GDP report, the Personal Consumption Expenditures (PCE) Price Index and the closely-watched Nonfarm Payrolls (NFP) report. This, in turn, warrants caution before placing aggressive bearish bets around the XAU/USD.  Daily Digest Market Movers: Gold price is pressured by rising US bond yields and a bullish USD The US Dollar added to its recent strong gains registered over the past four weeks and climbed to its highest level since July 30 amid bets for a less aggressive policy easing by the Federal Reserve.  According to the CME Group’s FedWatch Tool, the markets have nearly fully priced in the possibility of a regular 25 basis points rate cut by the US central bank at its November policy meeting.  The latest poll indicates a…

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Filed under: News - @ October 28, 2024 3:49 am