Gold Price Rallies Over 1% as US Treasury Yields Retreat
Gold prices saw a strong rally on Monday, climbing over 1% during the mid-North American session. This surge came as U.S. Treasury bond yields pulled back, creating a more favorable environment for the precious metal. Investors are now turning their attention to a packed economic calendar in the United States, with a key focus on the upcoming Consumer Price Index (CPI) report for July.
The CPI report is highly anticipated, as it’s expected to shed light on the ongoing disinflation process in the U.S. economy. A positive reading could reinforce the view that inflation is easing, which would be supportive for gold prices. The anticipation surrounding this report contributed to the retreat in bond yields, making gold more attractive to investors.
As a result, the XAU/USD pair is trading at $2,467, marking a significant rebound from its daily low of $2,423. This upward movement reflects growing confidence in gold’s ability to perform well in the current economic climate, especially with the possibility of a more dovish approach from the Federal Reserve on the horizon. Traders and investors will be watching closely as the week unfolds, with the potential for further gains in the gold market if the CPI data meets expectations.
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