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Gold prices rise due to the pullback of the US dollar and the low level of Treasury bond yields. U.S. gold futures rose 0.4% to $1,794.54 an ounce.
The day before, the dollar was strengthening due to strong macroeconomic data. The release of encouraging data on unemployment for April revived investors' hopes for a gradual transition of the regulator to normalize the monetary policy. On top of that, Fed Governor Michelle Bowman, even suggested that the US economy may well grow at a much faster pace than previously predicted. However, the Fed is in no hurry to tighten its monetary strategy, keeping it soft in the future. Unjustified expectations lowered the dollar index by 0.35% to 90.98.
The continued policy of the Fed only plays into the hands of gold prices, because it keeps yields at very low levels and provokes further drawdowns of the American currency. The benchmark yield on 10-year US Treasury bonds fell below 1.6%, on Tuesday it was close to a weekly low, which lowered the opportunity cost of owning interest-free gold. Today the precious metal is aiming to test the $1,800 level. According to the forecast of technical analyst Wang Tao, spot gold will retest the resistance at $1,802 per ounce, with a probability of breaking through this level and rise to $1,816.
Gold seems to be stuck between the levels of $1,700 and $1,800. As soon as economies begin to open, another rally in commodities will act as a kind of accelerator for gold, which could provoke a jump in inflation. And gold traditionally acts as a kind of insurance against inflation. However, on the other hand, the acceleration of inflation risks provoking an increase in interest rates and the dollar in the US, and this is no longer the best scenario for precious metal quotes.
Since the beginning of 2021, gold futures have fallen in price by more than 6%. This is mainly due to the growth in Treasury bond yields, which raises the opportunity cost of owning gold.
Gold futures fell in price yesterday immediately after the release of data on the number of jobs in the US private sector in April, which reached a 7-month high. Investors are now awaiting a report from the US Labor Department on the number of nonfarm jobs for April.
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