Gold Price Forecast: XAU/USD holds below $4,400 with Oil, yields surging

LONDON (September 10) Gold (XAU/USD) edges lower on Thursday after failing to find acceptance above $4,400, with Oil prices nearing the key $100 level and global yields rallying ahead of a string of monetary policy decisions from most of the world’s major central banks.

A weak US Dollar, on the other hand, is keeping the precious metal within the last 10 days’ trading range, while analysts at TD Securities see scope for further Gold appreciation, with the “precious metal landscape still broadly supported by the renewed Dollar-debasement theme, elevated central bank buying and renewed ETF accumulation.”

In this context, the TH Securities expert argues that even if the Fed adopts a more hawkish stance, it is likely to “only postpone the timing of the next leg higher rather than catalyze material downside” for gold and the broader precious metals complex.

FXStreet