Apart from the data-linked weakness in the US Dollar and Treasury bond yields that propel the Gold price, the challenges to the US Dollar’s reserve currency status also allow the XAU/USD to remain firmer.
That said, Russia’s latest likes for the Chinese Yuan and the China-Brazil pact to ignore the US Dollar as an intermediate currency are key news that recently challenges the greenback’s imperial status.
On the same line are the chatters that some of the US Congressmen have proposed a Gold Standard Restoration Act to defend the US Dollar. The bill suggests re-pegging the greenback with a fixed amount of the Gold’s weight, like it was before 1971.
Geopolitical concerns fail to weigh on Gold price
While the aforementioned catalysts allow the Gold price to remain firmer, geopolitical chatters surrounding Russia, China, the US and Taiwan should have weighed on the XAU/USD price. However, the yellow metal ignores the challenges to sentiment amid the US Dollar’s failure to recover and the market’s less attention on these issues amid downbeat United States data and easing hawkish Fed bets.
Recently, US House of Representatives Speaker Kevin McCarthy crossed wires, via Reuters, late Wednesday while praising talks with Taiwanese President Tsai Ing-Wen. The Diplomat, however, ruled out chatters of his visit to the Asian nation by saying, “I don't have any current plans to visit Taiwan but that doesn't mean I will not go.”
Soon after the comments from US House Speaker McCarthy, China’s Foreign Ministry Spokesperson crossed wires and alleged the US of breaking its commitment on the Taiwan issue.
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