Gold price (XAU/USD) cheers the previous day’s upside break of the $1,865 hurdle, now support, to refresh a five-week high amid a broad risk-on mood. Adding strength to the precious metal’s advance is the broad-based US Dollar weakness as the US regulators’ efforts to tame the financial crisis, due to the Silicon Valley Bank (SVB) and Signature Bank fallout, fail to trigger a rebound in the US Treasury bond yields. The reason could be linked to the market’s fears that the Fed’s rate hikes have made the US banks fragile enough to trigger a recession, which in turn weighs on the Fed rate hike concerns despite the recently firmer US data and upbeat testimony from Fed Chair Jerome Powell.
It should be noted, however, that the Asia-Pacific equities’ inability to cheer the US Dollar weakness, despite rising of late, join the fears of fresh US-China tension to prod the Gold price upside. Furthermore, the cautious mood ahead of this week’s US Consumer Price Index (CPI) and the US Dollar’s notable fall despite posting a better-than-expected jobs report for February also challenge the XAU/USD bulls.
Also read: Gold Price Forecast: Acceptance above $1,900 is critical for XAU/USD, US CPI in focus
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