- Gold price holds lower ground after refreshing the monthly low on rejecting bullish technical formation.
- Inversion of the United States 10-year, 5-year yield curve hints at recession and weigh on XAU/USD price.
- Mixed comments from the Federal Reserve officials, downbeat US data probe Gold sellers.
- Early signals for the US inflation will be eyed for clear directions.
Gold price (XAU/USD) remains depressed at around $1,860 as markets await the key United States data during early Friday. It’s worth noting that the US Treasury bond yields renewed recession fears and weighed on the XAU/USD price the previous day. However, the mixed comments from the Federal Reserve (Fed) officials and optimism surrounding China appeared to have challenged the Gold buyers.
United States recession concerns weigh on Gold price
Even if United States President Joe Biden and Treasury Secretary Janet Yellen both turned down the fears of economic slowdown in the US, the Treasury bond yields were saying a different story the previous day and weighed on the Gold price. That said, the inversion of the yield curve between the 10-year and the two-year yields seemed to have triggered the latest economic fears by suggesting the market’s rush for risk safety amid recession woes.
The difference between the 10-year and 2-year Treasury bond yields turned the widest since 1980 as the former prints 3.66% and the latter came in around 4.50%. The same signaled the market’s recession fears and triggered the US Dollar run-up and weighed on the Gold price.
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