Gold price (XAU/USD) snaps two days of losses and hits a new weekly high of $1987.25, despite rising US Treasury bond yields, which are usually a head
Gold price hits a new weekly high of $1987.25, gaining more than 0.56% US economic data shows business activity is gaining traction, with New Home Sales soaring more than 12% in September. The US 10-year Treasury bond yield gains 13 basis points at 4.95%. Gold traders eye upcoming US economic data, including Q3 GDP, Durable Good Orders, and unemployment claims. wind for the yellow metal. At the time of writing, the non-yielding metal extends its gains of more than 0.56%, changing hands at $1981.
Netanyahu advised civilians in Gaza to move to the south and mentioned that the timing of the invasion would be determined by consensus. Given the fundamental backdrop, Gold could remain upward biased, but October’s 26 data could rock the boat. The US agenda would feature Gross Domestic Product for Q3, alongside Durable Good Orders and unemployment claims.
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