Gold price (XAU/USD) prolongs its recent well-established downtrend for the seventh successive day and drops to the $1,820 area, its lowest since Marc
The Federal Reserve’s higher-for-longer interest rate narrative pushes the US Treasury bond yields to a fresh multi-decade high and continues to underpin the US Dollar , which, in turn, is seen undermining the Gold price. Investors now seem convinced that the US central bank will stick to its hawkish stance and have been pricing in the possibility of at least one more rate hike by the end of this year.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.Following its October monetary policy meeting, the Reserve Bank of Australia board members decided to leave the Official Cash Rate unchanged at 4.10%, as widely expected.USD/JPY is trading close to the highest level in eleven months, just below the alleged FX intervention level of 150.00.
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