Gold Price Forecast: XAU/USD plunges amidst US economic resilience, high US bond yields – by christianborjon Gold XAUUSD Commodities Metals
report. Industrial Production recovered in April, though manufacturing production stood at contractionary territory. The factors mentioned above and the US bond yields rising were a headwind for XAU/USD prices. At the time of writing, the XAU/USD is trading at $2000.91 after hitting a daily high of $2018.28.The US economic agenda revealed that Retail Sales rose by 0.4% MoM, below estimates of 0.8%, while excluding autos rose by 0.4% MoM, aligned with estimates.
On the data release, XAU/USD extended its losses and reached a two-day new low of $1998.17 before trimming some of its losses. US Treasury bond yields continued to rise as Federal Reserve officials led by San Francisco Fed President Loretta Mester and Richmond’s President Thomas Barkin sounded hawkish.
Mester said that the Fed cannot do much about slowing long-term economic growth but can “do its part” by tackling inflation. She emphasized the Fed’s commitment to getting inflation to the 2% target. In the meantime, Thomas Barkin said that if more increases are needed to bring down, he’s “comfortable with that.
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