Gold Price Forecast: XAU/USD climbs above $1700, as US T-bond yields plunge – by christianborjon Gold XAUUSD UnitedStates Macroeconomics Fed
Sentiment improvement keeps global equities in the green.
advanced to three-week highs on Tuesday, as US T-bond yields continue to fall amidst US economic data showing that the Federal Reserve increases to the Federal funds rate started to impact the economy as the US central bank scrambles to tame inflation. At the time of writing, XAU/USD is trading at $1723 a troy ounce, up by 1.40%.swings, keep global equities on the right foot.
During the Tuesday session, the US docket featured factory orders for August were unchanged, following July’s drop of 1%, as the Department of Commerce reported. At the same time, job openings in the US fell, though they remained at higher levels, as reported by the Labor Department. The US JOLTs report for August showed that vacancies dropped from 11.239M in July to 10.053M in August.
Reflection of the aforementioned is the NY Fed President John Williams saying that even though tighter monetary policy has begun to control demand and reduce inflation, “our job is not yet done.” Williams added that policy “is not yet in a restrictive place for growth,” according to him, rates need to go higher.
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