Gold price (XAU/USD) fades the previous day’s upside momentum, the strongest in four months, as it makes rounds to the five-week high surrounding $1,910 with eyes on the United States Consumer Price Index (CPI). In doing so, the XAU/USD snaps a three-day winning streak as the US Treasury bond yields seesaw after a notable slump.
Gold price struggles as United States Treasury bond yields dribble
Gold price managed to post the biggest daily jump since November 2022 as the United States Treasury bond yields nosedived the previous day, mostly inactive of late. That said, the US two-year Treasury bond yields marked the biggest daily slump since October 1987 by declining more than 13.0% on a day as US banking regulators rushed to defend the Silicon Valley Bank (SVB) and the Signature Bank. Further, the US 10-year Treasury bond yields also plummeted to the monthly low amid a sudden shift in the market’s Fed bets due to the financial market risks emanating from the stated banks.
It should be noted that the US 10-year Treasury bond yields seesaw around 3.56%, after bouncing off the bottom of 3.418%, whereas the two-year counterpart bounces off the lowest levels since September 2022 to print mild gains around 4.05% by the press time.
With this, the yield curve inversion shrinks a bit and allows the US Dollar Index (DXY) to lick its wound. That said, the US Dollar Index (DXY) began the week’s trading on a back foot by printing a three-day south-run while declining the most in two months on Monday, mildly bid near 103.68 at the latest.
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