Gold price drops from daily highs as better global risk sentiment diminishes safe-haven demand. A dip in US Treasury yields places additional pressure on the US Dollar amidst hawkish Fed remarks. Easing Middle East tensions sway Gold market, forthcoming US sanctions on Iran could influence future precious metal prices. The bullish impulse arrived despite hawkish commentary by US Federal Reserve officials. US Treasury bond yields dropped and undermined the Greenback, capping Gold ’s plunge.
He said, “Given the strength of the labor market and progress on inflation so far, it is appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us.” Recent US economic data indicates a robust economy, highlighted by February's Retail Sales, which outperformed expectations, and steady Industrial Production figures.
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