Gold prices traded around $1,920 per troy ounce in the first hours of trading during Monday's Asian session. The precious metal managed to hold on to its previous weekly close, receiving some support from the weakening US Dollar (USD).
The US Dollar Index (DXY), which measures the Greenback's performance against six major currencies, is currently trading around 104.80, slightly below its peak since April. However, US Treasury bond yields are rising, which could put pressure on the yellow metal's price. The yield on the 10-year US Treasury note increased to 4.29%, up 0.52%.
The US Dollar Index (DXY), which measures the Greenback's performance against six major currencies, is currently trading around 104.80, slightly below its peak since April. However, US Treasury bond yields are rising, which could put pressure on the yellow metal's price. The yield on the 10-year US Treasury note increased to 4.29%, up 0.52%.
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Economic data shows the strength of the US economy, the dollar continues to have a good week of price increases. Marking 8 consecutive weeks of price increases, setting a record in 9 years. The dollar opened this week down 90 points as comments from the governor of the Bank of Japan sparked market speculation that Japan would "end negative interest rates". This will be a factor supporting Gold prices this week
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Material Gold (XAU/USD) prices narrow direction as investors await US Consumer Price Index (CPI) data for August. Precious metal remains flat despite the US Dollar made corrective moves, while investors accepted the fear of a global recession. The US August release data is important as it is the last before the Federal Reserve's (Fed) September monetary policy, which is expected to be unchanged.
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After the European Central Bank's Monetary Policy Committee meeting on Thursday, most members of the committee, led by Governor Christine Lagarde, agreed to raise the key interest rate by 25 basis points to 4.50%.
