Gold price modestly gains amid US Thanksgiving

Gold price has increased by 0.14% due to thin trading conditions during Thanksgiving, with the price currently trading at $1992, gaining 0.14% after hitting a daily low of $1989.56.

The gold price benefits from declining US Treasury yields and USD weakness, trading near the $2000 mark. European equities closed in the green, while the US 10-year Treasury bond yield has fallen over 6.20% since November.

The Gold Index broke above the $2000 mark on November 21, but has remained within the $1990-$2000 range. The US Federal Reserve’s meeting minutes did not impact gold price, but policymakers may tighten further.

Gold traders will receive cues on the US economic docket, which will feature S&P Global PMIs, which are expected to post worse readings than the prior release. Gold’s upward bias remains intact, but it is subject to a pullback.