economic stimulus measures in China.
The US dollar saw a boost from a combination of lackluster corporate earnings, safe-haven demand, and signs of the US economy's resilience. Notably, the US economy posted robust annualized growth of 4.9% in Q3 2023, despite higher interest rates. Core PCE prices and personal spending further reinforced the notion of sustained economic strength.
As a result, the greenback reached a three-week high, trading at 106.89.
US 10-year treasury yields also remained near a 16-year high, having breached the 5% mark on Monday for the first time since 2007.
COMEX Gold experienced significant price movements, surpassing the $2,000 per ounce mark in the previous week. This marked the third consecutive weekly gain for the precious metal. The main driver behind this rally was escalating geopolitical uncertainties in the Middle East.
As central bank meetings and economic data releases loom on the horizon, gold remains an attractive safe-haven asset, offering protection against geopolitical uncertainties and potential strength in the US dollar. From a technical standpoint, COMEX gold closed the week above the double top resistance near $2,009 per troy ounce. This suggests a bullish outlook, with the potential to target all-time highs near $2,085-$2,090 per troy ounce, a formidable multiple resistance zone.
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