Gold price hits a new record high above $2,300 in Asian trading on Thursday.Revival of June Fed rate cut expectations smashed the US Dollar and the US Treasury bond yields on Wednesday.
Highly overbought RSI conditions continue to warrant caution for Gold buyers.More Fedspeak and US employment data are next in focus for fresh trading impetus.
Gold price is flirting with $2,300 after refreshing a lifetime high at $2,305 earlier this Thursday. Persistent US Dollar (USD) softness alongside and the extended retreat in the US Treasury bond yields keep pushing Gold price through the roof.
Expectations of a dovish policy pivot by the US Federal Reserve (Fed) this year regained momentum on Wednesday after US ISM Services PMI and the Price Paid sub-index dropped to 51.4 and 53.4 in March respectively and smashed the US Treasury bond yields across the curve. Markets cheered the renewed optimism and added to the US Dollar downfall, which was fuelled by sliding US Treasury bond yields.
For more Updates Do follow us on Social Media
Facebook Page https://bit.ly/3blw5Rg
Instagram https://bit.ly/3MsRHbP
YouTube https://bit.ly/3LjGj2L
Twitter https://bit.ly/3E9IO5U
Linkedin https://bit.ly/3M17Xlk
WhatsApp Group https://bit.ly/JewelBuzz13
Comments