Gold Price News and Forecast: XAU/USD consolidates rebound above $1800 as US dollar remains under pressure
|Gold Price Analysis: XAU/USD consolidates close to Tuesday highs around $1815
Spot gold (XAU/USD) prices saw significant upside on Tuesday, rallying more than 2% from roughly $1780 to current levels around $1815. The US 10-year inflation breakeven rose above 1.8% on Tuesday (an indication that markets expect inflation to average 1.8% over the next 10 years), its highest level since May 2019. Meanwhile, PMI reports from around the world on Tuesday also pointed to the likelihood of rising inflation;
Gold Price Analysis: XAU/USD consolidates rebound above $1800 as US dollar remains under pressure
Gold is holding onto important daily gains as it hovers around $1810, up by more than $30 from Monday’s close. It is having the best day in weeks. The price of the metal jumped during the European session and peaked at $1814 before retreating to $1804. The rebound was driven by a correction, some profit-taking and a weaker US Dollar.
The positive momentum in gold eased despite the sharp decline of the US dollar and risk appetite on the back of higher US yields. The 10-year jumped to 0.925%, the highest level since mid-November.
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