The gold price has fallen to approximately $1,763.00 as the risk-on profile has diminished. Geopolitical tensions between North Korea and the United States have increased the appeal of safe havens. Fed Daly’s hawkish remarks have bolstered US Treasury yields.
As investors await the publication of US economic statistics, the gold market is demonstrating erratic behavior. Despite a climate of heightened hawkishness, the US GDP is anticipated to see positive growth. Increasing core CPI has not resulted in a decrease in demand for durable goods.
Fundamental Daily Prediction for Gold Price – Coordinated Intervention Would Weaken Dollar, Support Bullion
Gold futures are consolidating for a second session in response to a falling U.S. dollar. Dollar and a decline in the U.S. Treasury returns The consistent price behavior signals the market may be preparing for a significant upward move.
As the U.S. dollar continues to function like a wrecking ball that destroys practically everything, gold markets have declined significantly during the week.