Gold price has entered a phase of bullish consolidation near $1,950, having reached an over two-month high at $1,963 on Wednesday. Gold buyers are bid
Gold price treads water around $1,950 after reversing slightly from over two-month highs. US Dollar cheers rallying US Treasury bond yields as Middle East tensions support Gold price. Gold price holds above key 200 DMA ahead of Fed Chair Jerome Powell’s speech. ing time ahead of Thursday’s speech by US Federal Reserve Chair Jerome Powell, which will have a sigificant impact on the United States Dollar and Gold price valuations.
In a separate speech, Fed Governor Michelle W. Bowman agreed that inflation has come down but it is still too high. Amidst the advances in the US Dollar and the US Treasury bond yields, Gold price retreated from over two-month highs to settle Wednesday below the $1,950 psychological level. So far this Thursday, Gold price is gathering pace for the next push higher while awaiting Fed Chair Powell’s speech at the Economic Club of New York Luncheon.
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