Gold Price Forecast: XAU/USD struggles even as geopolitical, inflation fears propel US Dollar, yields Gold XAUUSD SEO YieldCurve Inflation
, European Central Bank and the Federal Reserve are all favoring higher rates for longer. The same raises the fears of economic slowdown especially when the ex-inflation numbers haven’t been too impressive and the Russia-Ukraine war takes a toll on the global economy.
It should be noted that the recently firmer US data and hawkish Fed talks favor the market’s bets on the central bank’s 0.25% rate hike in May, as well as reduce the probability of witnessing a rate cut in 2023. The same joins the inflation and rate hike fears from the other major central banks to propel the US Dollar’s haven demand, which in turn exert downside pressure on the Gold price.
On the contrary, China’s National Development and Reform Commission , the state planner, said on Wednesday, the country is formulating plans to boost the recovery and expansion of consumption. The same join the market’s indecision amid a light calendar and puts a floor under the Gold price.United States Treasury bond yields, US Dollar recovery weigh on XAU/USD
, Philadelphia Fed Manufacturing Survey and Existing Home Sales will be important to watch for fresh impulse.Gold price bounces off the bottom line of a one-month-old ascending trend channel while defending the previous week’s retreat from the Year-To-Date high.
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