Gold rises amid US Dollar fluctuations and lower US Treasury yields.
DXY's slight increase contests Gold's ascent, but bond rates boost it.
Mixed US data: High Durable Goods Orders, lower Consumer Confidence sway sentiment.
Gold price trades in the green but is off the day's highs of $2,200 reached during the overnight session for North American traders amid a weaker US Dollar. At the opening of Wall Street, the Greenback extended its recovery while a fall in US Treasury yields maintained the yellow metal in the green. At the time of writing, XAU/USD trades at $2,177, up 0.31%.
The US Dollar Index (DXY), which measures the Greenback’s performance against the other six currencies, trades flat at 104.30, a headwind for the non-yielding metal. Nevertheless, the US 10-year benchmark note rate edged down one basis point to 4.243%, boosting the precious metal.
The US economic docket showed that Durable Goods Orders rose to their highest level since 2022. In the meantime, the Conference Board suggested that Consumer Confidence declined further in March, reaching its lowest level in four months.
Edited 28 Mar 2024, 16:57
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