Gold Price Analysis: XAU/USD erases losses ahead of Powell and Biden, tests $1850
After the beginning of the American session, gold gained momentum and broke above $1943, hitting a fresh daily high at $1852. So far, it has been unable to remain above $1850. Price is moving sideways ahead of key speeches.
Higher yields hit gold, but for how long?
The price of gold remains at $1,850, and the key drivers are higher bond yields and a stronger risk appetite.
Last week, the yellow metal tanked below $1,900 again, and it hasn't rebounded since the plunge – instead, the price of gold has stayed at around $1,850.
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