- Gold price remains firmer as US Dollar, Treasury bond yields stretch post-Fed losses.
- Fed’s dovish rate hike, banking turmoil keep XAU/USD buyers in the driver’s seat.
- Gold price stays firmer unless breaking $1,960 support confluence, $1,990 prods immediate upside.
Gold price (XAU/USD) eyes another battle with the $2,000 mark by extending the Federal Reserve (Fed) induced gains amid downbeat US Treasury bond yields and the US Dollar. It’s worth noting that the receding fears of the banking turmoil, despite US Treasury Secretary Janet Yellen’s rejection of “blanket insurance” for deposits, also seem to propel the XAU/USD prices of late.
That said, the Fed delivered 25 basis points (bps) of a rate hike but the Rate Statement and dot-plot raised concerns of dovish moves in the future, which in turn drowned the US Dollar even if Fed Chair Powell ruled out calls for a rate cut in 2023. Elsewhere, US stock futures print mild gains and Asia-Pacific equities also grind higher as China-linked optimism joins downbeat yields.
Looking forward, second-tier statistics and monetary policy moves of the Bank of England (BoE), as well as the Swiss National Bank (SNB), may entertain Gold traders as bulls expect more dovish rate hikes amid the looming banking crisis.
Also read: Gold Price Forecast: XAU/USD set to retake $2,000 on dovish Federal Reserve outlook
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