Gold Price Forecast: XAU/USD collapses below $1950 as US bond yields aim higher Gold XAUUSD Metals
US Treasury bond yields rise, with 10-year TIPS, a proxy for real yields advancing above 1.30%.
Gold price is tumbling across the board, down more than $30.00 or 1.59%, as US Treasury bond yields rise, while The XAU/USD retreated most of its gains after reaching a YTD high on Monday at $2009.75. Since then, the yellow metal plunged 3.09%, as traders apparently booked profits ahead of the FOMC’s meeting.
Another reason for XAU/USD’s fall is that US Treasury bond yields are climbing. The US 10-year Treasury bond yield is 3.58%, up nine bps. The 10-year Treasury Inflation-Protected Securities , a proxy for US Real Yields, stands at 1.351% after tumbling as low as 1.142% on March 16., a gauge of the buck’s value against six peers, is trimming some of its earlier losses after hitting a low of 103.00, down 0.03%, at 103.274.XAU/USD’s daily chart portrays a bullish bias in the yellow metal.
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