Gold Rises to $1809, Targets $1827

Gold prices are hovering around the top intraday, up 0.51% on the day near $1,809, as they brace for their biggest weekly jump in six ahead of Friday’s European session On the way to 1928.

The yellow metal is cheering for a weak US dollar, buoyed by downbeat Treasury yields, amid a sluggish session after major central banks played their part.

The dollar index, which measures the performance of the US currency against a basket of six other major currencies, fell 0.12% to trade at USD 95.895.

The gold prices cheer downbeat US Treasury yields and price-positive news from the biggest gold customer India. Also favoring gold buyers are the futures market data suggesting a delay in the Fed’s interest rate hike than what’s promised in the latest dot-plot.

“Trading in futures markets, which offers insight into how investors are positioning for changes to Fed interest rate policy in the years ahead, showed that money managers expected the US central bank’s overnight rate to rise to just 1.27% by the end of 2023,” the Financial Times (FT) came out with the analytical piece