![]() Granted, quite a few US Federal Reserve officials have shifted to a less-hawkish tone given the recent jump in long-term yields. From a fundamental perspective, the key drivers that have driven gold lower in recent months remain intact – solid US economy and rising US yields / real yields. If the jump in gold is largely explained by geopolitical concerns, it would be hard to argue for a case of a sustained rally in precious metals. The downshift in hawkish rhetoric from US Federal Reserve officials has kept a lid on the global USD, indirectly benefiting gold at the margin. ![]() XAU/USD has hit a 3-month high due largely to escalating tensions in the Middle East. While this could indeed be a game changer, it might be worth waiting for a confirmation before concluding a trend reversal. The sharp bounce in gold and silver recently has raised questions on whether it is time to reassess the bearish outlook.
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