Gold Price Forecast: XAU/USD grinds past $2,000 as softer United States data drown yields Gold XAUUSD SEO Fed YieldCurve
data and receding hawkish bets on the Federal Reserve’s next move, not to forget downbeat US Treasury bond yields. However, the recession woes seemed to have underpinned the Gold price recovery amid mixed clues.Gold price remains firmer despite the latest retreat as the softer United States statistics weigh on the US Treasury bond yields and the US Dollar. That said, US Dollar Index fades the previous day’s bounce off a two-month low as it retreats to 101.82 by the press time.
It should be noted that the CME’s FedWatch Tool suggests a nearly 57.0% of chance that the US central bank will pause its rate hike trajectory in May, which in turn prod the US Dollar buyers and weigh on the Gold price. That said, Russia’s latest likes for the Chinese Yuan and the China-Brazil pact to ignore the US Dollar as an intermediate currency are keyOn the same line are the chatters that some of the US Congressmen have proposed a Gold Standard Restoration Act to defend the US Dollar. The bill suggests re-pegging the greenback with a fixed amount of the Gold’s weight, like it was before 1971.
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