Gold price eyes the biggest weekly gains in two months despite easing from 1.5-month high of late.
XAU/USD bulls cheer softer United States 10-year, two-year Treasury bond yields, improved market sentiment.
Mixed US data, market’s lack of confidence probe the Gold price buyers of late.
XAU/USD traders eye Michigan Consumer Sentiment Index, inflation precursor ahead of next week’s Federal Reserve monetary policy meeting.
Gold price (XAU/USD) dribbles around $1,920, after a zigzag session that initially refreshed the six-week high but ended the day without any major moves. That said, the Gold price earlier cheered the softer United States Treasury bond yields before the improvement in market sentiment and a rebound in the bond coupons probed the XAU/USD bulls. Also likely to have probed the Gold buyers could be the cautious mood ahead of next week’s Federal Open Market Committee (FOMC) monetary policy meeting. It’s worth noting, however, that the US bond coupons are down for the second consecutive week and hence allow the bullion to remain firmer on a weekly basis.
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