Gold price dips as US Treasury yields recover after buyback news
Gold edged lower on Thursday as US Treasury yields trimmed earlier losses and the dollar firmed, pulling XAU/USD back to $4,509 from a daily high of $4,540.
Gold Market
Gold edged lower on Thursday as US Treasury yields trimmed earlier losses and the dollar firmed, pulling XAU/USD back to $4,509 from a daily high of $4,540.
Gold rose nearly 1% on Wednesday, helped by a softer US dollar and a pullback in long-term Treasury yields. Investors await the release of the Federal Reserve's July meeting minutes.
Gold fell over 1% to $4,364 on Tuesday as US Treasury yields rose to their highest since 2007, pressuring the non-yielding metal. The dip came as energy prices gained on stalled US-Iran talks.
TD Securities sees gold range-bound between $4,200 and $4,500/oz into early 2027, with a sustained rally possible later that year as inflation eases.
Gold extended its gains for a third straight session on Wednesday, supported by easing fears of a US rate hike and a weaker dollar. Investors now await the Federal Reserve’s policy minutes for further direction.
Gold prices slipped on the Multi Commodity Exchange (MCX) on Tuesday even as international benchmarks extended gains. The divergence came as traders toned down expectations of an aggressive US Federal Reserve rate hike.
Gold extended its rally above $4,400 as the US dollar hit two-month lows. Weak US jobs and inflation data reduced Fed rate hike bets, while Iranian threats lifted oil and supported safe-haven demand.
Gold rose more than 1% on Monday to trade near $4,422, helped by a softer US dollar and lower Treasury yields after last week's inflation data reduced expectations of aggressive Fed action.
Gold climbed to within striking distance of $4,400 an ounce as weaker US retail sales and consumer sentiment data dragged the dollar lower, making bullion cheaper for overseas buyers.