GOLD 03.05.2022

GOLD 03.05.2022

GOLD 03.05.2022

Gold held its recent decline to around $1,860 an ounce on Tuesday, hovering its lowest levels since mid-February, as expectations for a half-point interest rate increase from the Federal Reserve this week pushed Treasury yields higher, pressuring bullion prices.  The first resistance will be $1875 on a further rise and first support will be $1821 on a decline.

Gold held its recent decline to around $1,860 an ounce on Tuesday, hovering its lowest levels since mid-February, as expectations for a half-point interest rate increase from the Federal Reserve this week pushed Treasury yields higher, pressuring bullion prices. The benchmark 10-year US yield hit 3% on Monday for the first time since December 2018, a psychological milestone that could have major implications for other financial markets. Fed policymakers look set to deliver a series of aggressive rate hikes at least until the summer to deal with rapid inflation and surging labor costs, even as two reports on Friday showed tentative signs both may be peaking. The dollar index also held near 20-year highs on rate hike bets and safe haven inflows, denting demand further for the precious metal.

GOLD – XAUUSD 

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