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Gold's Outlook Dims Amid High Treasury Yields: Insights from EBC Market Trend Analysis

EBC | 2024-01-11 13:09

Abstract:In 2024, gold prices face challenges due to rising US Treasury yields. Despite bearish forecasts, prices find support in a weakening dollar, urging investors to reassess holdings.

Gold prices languished around $2,030 on Thursday ahead of US inflation data although a softer dollar kept a floor under prices. They just posted their first weekly decline in four weeks.

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A New York Fed report revealed that consumers expect a decline in inflation, while Michelle Bowman on Monday stated that the monetary policy seems 'sufficiently restrictive'.

In 2024, gold performance could be lacklustre and any upside may depend on continued central bank demand which was the primary influential drivers of bullions rally last year, according to the WGC.

It added, in the near term, a tug-of-war between historically positive January seasonality and some pushback against the dovish sentiment that drove prices to all-time-highs in Dec is likely.

Most market participants in a recent Reuters poll of strategists said the dollar will slip against major currencies in 12 months. Meanwhile 10-year Treasury yield is still trading above a high of 4%.

The former bond king, Bill Gross, says 10-year Treasury is “overvalued” and TIPS is a better choice. If his prediction turns out to be correct, that would dent the appeal of holding the interest-free metal.

image.png

Gold lost its shine heading into 2024, with the 50 SMA providing solid support. It lacks discretional strength at the moment and $2040 could be the handle to clear for a more bullish bias.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Experts from EBC Economist Views suggest that the future trajectory of the gold market might be influenced by upcoming economic policies and market dynamics.

In line with the insights provided by EBC Asset Allocation Services, investors are advised to reconsider their gold holdings in light of the current market conditions.

EBC Financial GroupGold Price ForecastFinancial Market Analysis

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Gold Price Forecast: XAU/USD to face stubborn resistance at the $1800/34 zone – Credit Suisse

Gold has extended its defence of major support from the lows for the year at $1682/71. However, the yellow metal recovery is expected to be capped at a cluster of resistances at $1800/1834, according to strategists at Credit Suisse.

Original 2021-08-25 17:47

Gold Price Forecast: XAU/USD bears keep $1,700 on radar ahead of US inflation.

Gold Price Forecast: XAU/USD bears keep $1,700 on radar ahead of US inflation. Gold fades bounce off four-month low as US stimulus passage, Fed’s tapering tantrums propel greenback despite budget questions.

Original 2021-08-11 12:00

Gold Price Forecast

Gold price extended Wednesday’s rebound and hit the highest levels in three days at $1783 on Thursday, as the demand for the safe-haven assets was on the rise, including the US dollar.

Original 2021-07-02 14:27

Gold Price News and Forecast

The gold markets have rallied significantly during the course of the trading session on Thursday to reach towards the 50 day EMA.

Original 2021-04-16 09:21

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