At what price range will gold recover?
Following the loss of the $1,900 mark, Spot Gold experienced a significant decline due to the surge of the US Dollar in a risk-averse environment. XAU/USD is currently trading below $1,880 at levels not seen since March of this year as financial markets closely monitor developments in the United States (US). The country is on the verge of a federal shutdown as House Republicans have rejected a bipartisan bill that was progressing through the Senate. If Congress fails to agree on funding, millions of federal employees will face furloughs starting next Saturday.
Meanwhile, stock markets continue to decline amid concerns that central banks will maintain higher interest rates for an extended period. This raises fears of potential economic downturns. Government bond yields have also risen sharply with the 10-year Treasury note reaching its highest level in over fifteen years at 4.59%. Simultaneously, the 2-year note offers an interest rate of 5.11%, which is not far from its multi-year peak of 5.20% following an announcement by Federal Reserve (Fed) regarding monetary policy adjustments.
Meanwhile, stock markets continue to decline amid concerns that central banks will maintain higher interest rates for an extended period. This raises fears of potential economic downturns. Government bond yields have also risen sharply with the 10-year Treasury note reaching its highest level in over fifteen years at 4.59%. Simultaneously, the 2-year note offers an interest rate of 5.11%, which is not far from its multi-year peak of 5.20% following an announcement by Federal Reserve (Fed) regarding monetary policy adjustments.
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