Gold price (XAU/USD) slides $1,970 during a two-day losing streak heading into Monday’s European session. In doing so, the bright metal justifies the latest rebound in the US Treasury bond yields, as well as the US Dollar, while extending the previous day’s U-turn from the key resistance zone.
Also behind the moves could be the receding banking fears as First Citizens bank agrees to buy a large chunk of Silicon Valley Bank (SVB). Additionally, talks that the pace of China’s growth, one of the world’s biggest Gold consumers, joined the previous day’s hawkish Fed talks and mostly US data to weigh on the XAU/USD of late.
Alternatively, International Monetary Fund (IMF) Chief Kristalina Georgieva warned that “risks to financial stability have increased,” which in turn probes the Gold sellers. On the same line were comments from Minneapolis Fed President Neel Kashkari who flagged fears of a US recession.
Amid these plays, US Dollar Index (DXY) prints a three-day uptrend near 103.12 as traders brace for Friday’s important inflation data, namely the US Core Personal Consumption Expenditure (PCE) Price Index for February.
That said, the US 10-year Treasury bond yields add two basis points to 3.40% while the two-year counterpart snapped a three-day losing streak near 3.85% by the press time.
Moving on, the Gold price remains on the bear’s radar amid the traders’ failure to cross the key resistance, as well as due to the month-end consolidation. However, the Fed’s preferred inflation gauge, up for Friday, becomes crucial for XAU/USD traders to watch for clear directions.
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