Gold Price Forecast: XAU/USD falls below $1,800 on stronger yields

 

Despite the US Dollar’s recent recovery, the gold price is still only modestly bid. Bond and equity market declines related to the BOJ support safe-haven gold investment. Reports on China and the world economy cast doubt on the XAU/USD bulls, but a light schedule and festive spirit prevent sellers from entering.

Early on Tuesday morning in Europe, the price of gold (XAU/USD) holds onto modest gains at $1,790 despite the US dollar’s recovery from its intraday low. The market’s rush for risk safety may be the cause.

For a few hours, the Bank of Japan’s (BOJ) unexpected move sent off a wave of risk aversion that drove up bond rates and crushed commodity prices. However, the US Dollar Index tried to battle the Gold sellers after failing to stop the daily loss.

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