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Gold Price Prediction: XAU/USD will ascend past $1,950 as the US Dollar and yields retreat

Alina Haynes

Mar 30, 2023 15:55

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Gold price (XAU/USD) consolidates intraday loss, the second in a run, around $1,965 on Thursday's European session as the US Dollar and Treasury bond yields struggle to defend yesterday's gains amid conflicting sentiment. With this, the precious metal recovers from its second consecutive weekly loss amid a cautious tone ahead of the most important inflation data from Europe and the United States.

 

US Dollar Index (DXY) falls from its intraday high to near 102.60, reflecting sentiment, while S&P 500 Futures struggle near a one-week high from the previous trading day. In addition, the US 10-year and 2-year Treasury bond yields lose upward momentum near 3.57 and 4.04 percent, respectively.

 

China's Premier Li Qiang's expectation that the economic situation in March will be even better than in January and February, along with Fed Chair Jerome Powell's signals of a policy reversal after one more rate hike, appear to have contributed to the recent Gold price increase.

 

However, it should be noted that the majority of central bankers defend their previous inflation bias and thus challenge Gold Buyers. In addition, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, stated on Thursday, "Urgently need faster, more efficient mechanisms for providing debt support to vulnerable countries." Her remarks revive previously alleviated banking concerns.

 

Moreover, market preparations for top-tier inflation data from Europe and the United States appear to permit the Gold price to minimize weekly losses. Nevertheless, the US fourth quarter (Q4) Core Personal Consumption Expenditure (PCE) and final prints of the fourth quarter Gross Domestic Product (GDP) can provide XAU/USD intraday traders with opportunities.

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