Gold climbs to $2,280, driven by Middle East tensions, strong US data.
High US Treasury yields, strong US Dollar counterbalanced by geopolitical worries, tight labor market.
Mester lacks info for a May cut but predicts three 2024 cuts, balancing inflation and job risks.
Daly discusses rate duration, supports three cuts as a projection, not a promise.
Gold price rallies to new all-time highs of $2,276 late in the North American session amid geopolitical risks and despite higher US Treasury yields. Economic data from the United States (US) prompted investors a flight to safe-haven assets, sending the yellow metal higher. At the time of writing XAU/USD exchanges hands at $2,280 gaining more than 1%.
The recent attack of Israel against an Iran embassy in Syria on April 1, sponsored Gold’s leg up despite witnessing a jump I US yields and a strong US Dollar on Monday. Aside from this, the US Bureau of Labor Statistics (BLS) showed that job vacancies increased, revealing a tight labor market, while the US Census Bureau witnessed an improvement in Factory Orders.
In the meantime, Federal Reserve (Fed) officials crossed the newswires, led by the Cleveland Fed President Loretta Mester and the San Francisco Fed President Mary Daly.
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