Spot Gold accelerated its slide on Tuesday, with XAU/USD plummeting to $1,900.83, its lowest in almost two weeks. The US Dollar surged on the back of
a worsening market mood at the beginning of the week, as investors got spooked by central banks’ pledges to keep rates higher for longer and dismal The US CB Consumer Confidence Index extended its slump in September to 103.0, easing from an upwardly revised 108.7 in August. The Present Situation Index ticked marginally higher to 147.1, although Expectations declined to 73.7, well below the 80 level, usually a hint towards an upcoming recession. Also, New Home Sales were down 8.
Investors are concerned monetary tightening will continue for longer than anticipated as policymakers last week made it clear they are not ready to let it go. Most central banks from around the world reaffirmed their commitments to maintain rates higher for longer, delaying the chances of a rate cut into late 2024.
Wall Street entered sell-off mode following the releases, fueling demand for the US Dollar and keeping XAU/USD at the lower end of its monthly range. Earlier in the day, the yield on the 10-year Treasury note peaked at 4.56%, its highest since 2007 when it peaked at 4.57%.From a technical point of view, the daily chart for XAU/USD hints at another leg south. XAU/USD is sharply down for a second consecutive day, accelerating its slump below all its moving averages.
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