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Gold Price Prediction: The XAU/USD pair approaches $1,880 following a robust comeback amid weaker US yields

Alina Haynes

Feb 09, 2023 15:03

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During the Asian session, the gold price (XAU/USD) has renewed its daily high above $1,880.00. As market participants' risk appetite has increased, the gold price has climbed sharply higher after recovering from $1,872.00. The precious metal is anticipated to extend its uptrend over $1,880.00 with confidence, as lower US Treasury yields have mitigated the risk-averse inclination.

 

The yields on 10-year US Treasury bonds have decreased to approximately 3.61 percent. S&P500 futures have rebounded in the Asian session following a decline on Wednesday. The expectation that the Federal Reserve (Fed) will not be aggressive in the future in hiking interest rates supports the 500-US stock index.

 

In the meantime, the US Dollar Index (DXY) is battling to maintain above 103.00, despite the fact that the market has begun anticipating a Fed interest rate rise above 5%.

 

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., advised against prematurely declaring victory against inflation, saying that the Federal Reserve could hike interest rates above 5% if higher prices become "sticky," as reported by Reuters. He stated that Fed Chair Jerome Powell must exceed 5% if inflation does not fall to between 3.5% and 4%.


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