Gold climbs 0.89%, trading at $1975.05 per ounce at the time of writing, as the US dollar\u2019s strength subsides, investors are now eyeing the $1980 resistance level.
Fed Chair Jerome Powell’s comments and US Treasury Sec. Janet Yellen’s remarks on Friday were sufficient to shake the market, resulting in a significant uptick in XAU\/USD Gold Index. the Gold Index is still on track for a 1.90% weekly loss after robust US Retail Sales, Industrial Production data, and falling unemployment claim hint at possible Fed action.
Gold price climbed more than 1% on Friday, trimming some losses sustained during the week as the Fed\u2019s hawkish rhetoric bolstered the greenback, which posted gains of 0.37%, per the US Dollar Index (DXY). At the time of writing, XAU\/USD is trading at $1979.90, up daily 1.12%.
XAU\/USD bottomed at around $1954.14 as Jerome Powell delivered remarks at a conference on Friday. Fed Chair Jerome Powell indicated that inflation currently exceeds the target level and stresses the Fed\u2019s unwavering commitment to guide inflation back towards the 2% target, asserting that \u201cfailure would cause greater harm.\u201d
US Treasury Secretary Janet Yellen told bank CEOs on Thursday that more merges may be necessary after a series of bank failures spurred a risk=off impulse; hence, XAU\/USD soared sharply.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold climbs 0.89%, trading at $1975.05 per ounce at the time of writing, as the US dollar\u2019s strength subsides, investors are now eyeing the $1980 resistance level.Fed Chair Jerome Powell’s comments and US Treasury Sec. Janet Yellen’s remarks on Friday were sufficient to shake the market, resulting in a significant uptick in XAU\/USD Gold Index. …<\/p>\n","protected":false},"author":13,"featured_media":71492,"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":[6874,7163,7485],"class_list":["post-84272","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold","tag-jerome-powell","tag-yellen"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84272","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=84272"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84272\/revisions"}],"predecessor-version":[{"id":84286,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84272\/revisions\/84286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71492"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}