Gold Price Forecast: Gold remained depressed through the Asian session on Thursday, albeit lacked any strong follow-through selling. The commodity was last seen hovering around the $1,735 region, above the overnight swing lows.
Gold Price Forecast
The precious metal stalled its intraday retracement slide from the $1,745-46 supply zone and managed to find some support near the $1,730 area on Wednesday. Minutes from the latest FOMC meeting held on March 16-17 confirmed that the central bank is not rush to hike rates. This was seen as a key factor that extended some support to the non-yielding yellow metal.
Gold Price Analysis: XAU/USD looks to retest $1730 as USD holds firmer with yields
Having faced rejection above $1740 on several occasions, Gold lost ground on Wednesday, now heading towards $1730 amid higher US dollar as well as Treasury yields.
Gold remains on the defensive, as the greenback holds the higher ground amid a tepid risk tone, as Treasury yields resume its uptrend on hopes of President Joe Biden’s $2.25 trillion infrastructure plan making it through Congress.