Gold price snaps the losing streak, trading higher around $1,970 per troy ounce during the Asian session on Wednesday. The price of the precious metal
Gold price recovers the recent losses on the stable US Dollar after recent gains. Downbeat US Bond yields could offer support for the precious metal. Israel's delay on ground assault plan in Gaza weakens the demand for safe-haven asset Gold. Solid US PMI data supported the US Dollar to rebound from the monthly low. receives upward support due to the stable US Dollar post-trimming recent losses.
The decline in US Treasury yields could exert downward pressure on the US Dollar , with the 10-year yield standing at 4.82%. US S&P Global Composite PMI showed growth in October, rising from 50.2 to 51.0. The Services PMI experienced an increase, reaching 50.9, while the Manufacturing PMI rose to 50.0. The manufacturing index has maintained a level above the 50-point threshold in the last six months, indicating a positive shift in that sector.
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