Gold price marked the biggest daily jump in three weeks the previous day as it managed to cheer the US Dollar’s weakness, as well as a technical breakout of the $2,000 resistance-turned-support.
US Dollar Index (DXY) dropped to the fresh low since February 02 late Tuesday, keeping the downside bias to renew the multi-day bottom around 101.43, as softer US data joins downbeat fundamentals to weigh on the DXY and propel the XAU/USD.
On Tuesday, US Factory Orders for February came in -0.7% MoM versus -0.5% expected and downwardly revised -2.1% prior. Further, the US JOLTS Job Openings dropped to the lowest levels since May 2021 while flashing a 9.931M figure for February versus 10.4M expected and 10.563M revised prior.
That said, the risk-on mood joins news suggesting recent challenges to the US Dollar’s reserve currency status appear to weigh on the greenback and allow the Gold price to remain firmer.
Bloomberg released a news report suggesting the US Dolllar’s less acceptance as a reserve currency in Russia while highlighting the greenback’s latest weakness. “Chinese Yuan has surpassed the US Dollar as the most traded currency, in monthly trading volume, for the first time in Russia in February,” said the news while also adding that the gap has continued to widen in March. In the last week, Brazil and China agreed to pause the US Dollar’s usage as an intermediary in trade transactions.
On the contrary, hawkish Federal Reserve (Fed) talks challenge the XAU/USD buyers after the previous day’s stellar run-up. Federal Reserve Bank of Cleveland leader Loretta Mester recently cited the need to hike rates above 5% and hold them there for a while.
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