Gold capitalized on safe-haven demand amid escalating geopolitical tensions and gathered bullish momentum to start the week. As US Treasury bond yield
Gold gained more than 4% this week boosted by safe-haven demand. Geopolitics, action in bond markets could drive XAU/USD’s action next week. Gold could encounter stiff resistance in the $1,925-$1,930 area. s turned south on dovish Federal Reserve expectations, XAU/USD extended its rally and snapped a two-week losing streak. Next week’s economic calendar will not offer any high-tier data releases that could impact the pair’s action in a noticeable way.
The positive impact of the inflation on the US bond yields remained short-lived. The 10-year yield turned south early Friday, helping XAU/USD shake off the bearish pressure and advance beyond $1,880 once again. Meanwhile, data from China showed that the country’s trade surplus widened to $77.71 billion in September, compared to the market expectation of $70 billion and the $68.36 billion surplus seen in August. The data provided an additional boost to the pair.
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