Gold price bounced from five-week lows on Monday, amidst a downbeat market mood, after last Friday’s hawkish remarks by Federal Reserve Chair Jerome Powell, spurred a fall in equities, propelling the greenback and US Treasury bond yields to fresh weekly highs. At the time of writing, XAU\/USD is trading at $1740 slightly above its opening price.
Global central bank hawkish stances have remarkably weighed on market sentiment, a tailwind for gold price. Global equities are trading in negative territory. Since Wall Street opened, the US Dollar Index is almost flat exchanging hands at 108.831, a tailwind for the non-yielding metal, which is up by almost 0.80%, despite climbing US Treasury yields.
US 10-year Treasury yield stays edges up almost eight bps, sitting at 3.119%, at a time that market players expect that the US Federal Reserve would hike 75 bps. On Monday, there is a light calendar keeping market participants reflecting on the Jackson Hole symposium and particularly Jerome Powell\u2019s hawkish speech.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold price bounced from five-week lows on Monday, amidst a downbeat market mood, after last Friday’s hawkish remarks by Federal Reserve Chair Jerome Powell, spurred a fall in equities, propelling the greenback and US Treasury bond yields to fresh weekly highs. At the time of writing, XAU\/USD is trading at $1740 slightly above its opening …<\/p>\n","protected":false},"author":13,"featured_media":55091,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6885,6874,9358,7164,6984],"class_list":["post-71058","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gold","tag-hawkish-stance","tag-powell","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=71058"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71058\/revisions"}],"predecessor-version":[{"id":71062,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71058\/revisions\/71062"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/55091"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=71058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=71058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=71058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}