Gold rises on lower U.S. bond yields.
Gold prices under the bullish pressure today as a dip in U.S. Treasury yields increased the appeal of the non-yielding metal. Higher than expected (U.S.) consumer price inflation and weaker retail sales were really the strong buy signals for gold. Higher inflation has been driving the renewed demand for gold during the last couple of weeks. The other factor adding to gold longs is the safe-haven demand driven by continued escalation in the Israel/Palestinian conflict. The hostilities showed no sign of letting up as they entered eighth day, with Palestinians saying at least 145 people have been killed since the conflict began on Monday
Except buyers on downward corrections.
Next resistance to watch – 1870.00
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