ncing upward support due to the pullback in the US Dollar . However, the positive performance of US Treasury yields could be constraining the gains of the precious metal.
beats lower around 104.60, struggling to snap losses on the back of the positive performance of United States bond yields. The yield on the 10-year US Treasury bond improved to 4.30% at the time of writing.prices. Although the labor market had shown deterioration in the past few weeks, it recently experienced a setback with two robust reports including the ISM Services PMI and Initial Jobless Claims, both surpassing market expectations.
This data has the potential to offer additional insights into the country's inflation scenario, which can significantly influence the investors’ outlook on the USD. During the past week, Fed policymakers expressed strong support for maintaining the current policy stance on September 20. This stance is driven by declining inflation and a loosening labor market.
However, the appeal of Gold prices may be tempered in anticipation of a robust performance by the US Dollar . The Greenback is anticipated to remain strong by absorbing the effects of higher interest rates more effectively. Moreover, the currency can be reinforced by further positive economic data from the US., expected to occur in either the November or December meetings. This more hawkish tone has the potential to restrict the upward potential for Gold prices.