Gold Weekly Forecast: Is gold finally regaining its inflation-hedge status? Gold managed to stay resilient despite surging US Treasury bond yields and closed the second straight week in positive territory.
jumped to its highest level since 1982 at 7.5% in January, on a yearly basis, from 7% in December. Additionally, Core CPI, which excludes volatile food and energy prices, climbed to 6% in the same period. Both of these surpassed market expectations and US Treasury bond yields surged higher on the news. With the benchmark 10-year US T-bond yield rising above 2% for the first time since July 2019, the dollar gathered strength and XAU/USD retreated from the multi-week top it set at $1,841.
outlets reported that Fed policymakers were not in agreement with Bullard's remarks and the odds of a 50 bps March rate increase declined to 65%.On Wednesday, Retail Sales data will be featured in the US economic docket. Markets expect Retail Sales to rise by 1.7% on a monthly basis in January following December’s disappointing decrease of 1.9%. The market reaction, however, is likely to be muted with investors waiting for the Fed to release the minutes of its January policy meeting.
On the downside, $1,820 aligns as the first support level. A daily close below that level could open the door for additional losses toward $1,810 .FXStreet Forecast Poll shows investors expect gold to continue to edge higher in the short term with the average target on the one-week view sitting at $1,835. The one-month view paints a mixed picture with experts splitting evenly on gold's next direction.
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