Gold Prices Inch Up in Asian Trade Amidst Concerns Over Powell's

Gold prices have seen a modest increase in early Asian trading. Nonetheless, ANZ analysts express concern that the precious metal might face downward pressure due to Federal Reserve Chair Jerome Powell's resolute stance at the Jackson Hole symposium last Friday. Powell, in his remarks, maintained a hawkish tone and hinted at the possibility of further tightening of monetary policy, citing persistent high inflation. On Friday, U.S. Treasury yields rose as Powell indicated the potential for additional interest rate hikes in the future. Bond yields, which move inversely to gold prices, tend to diminish the attractiveness of gold, an asset that doesn't offer interest. Currently, spot gold is up by 0.1%, trading at $1,916.17 per ounce.

GOLD BUY LIMIT 1912 - 1914🕯

✅ TP1: 1917
✅ TP2: 1922

⚠️ SL: 1908