• Gold price grinds higher after staging strong recovery from one-week low.
• Federal Reserve announcements, United States Treasury Secretary Janet Yellen’s comments weigh on yields and propel XAU/USD.
• Banking sector rout prods policy hawks despite meeting immediate rate hike needs, suggesting further upside for the Gold price.

Gold price (XAU/USD) bulls take a breather around $1,970 during Thursday’s sluggish Asian session, after posting the biggest daily gain in a week during the volatile Wednesday. That said, the Federal Reserve’s (Fed) dovish rate hike and US Treasury Secretary Janet Yellen’s comments suggesting no out-of-the-line support for the United States banks seem to weigh on the Treasury bond yields and propel the XAU/USD price. It’s worth noting that the cautious mood ahead of today’s monetary policy meeting by the Bank of England (BoE) and Swiss National Bank (SNB) allow the space to the metal buyers