Gold Prices May be Oversold as Dollar and US Bond Yields Retreat

Gold Prices May be Oversold as Dollar and US Bond Yields Retreat

Gold futures prices have risen over 1 percent on Monday, but was breaking bull market for the precious metal, as the dollar and long US Treasury yields retreated of recent gains.

Spot gold was up 0.7 per cent at $1,191.26 an ounce, after climbing as high as $1,197.54 earlier in the session.

US Gold was trading up 0.77% at $1,187.50 after falling below $1,200 last week as the dollar surged.

Gold is down over 7% on the month; may retest $1,050 after losing strong support at $1,200-$1,210.

Gold also pays any attention, and is a rising US bond yields and other markets as negatively on metal.

Dollar index which tracks the US currency versus a basket of currencies, down 0.4 per cent on Monday, while the yield on 10-year US Treasury bonds from the highest level in 16 months fell 2.417 percent touched last week.

In other markets, crude oil prices were marginally lower on doubts OPEC can nail down to an agreement to limit of supplies and major stock markets in Europe also declined.

The minutes away from the November meeting as early as the Fed’s Board showed US Federal Reserve appeared confident on the eve of the presidential election that the economy strengthen enough to justify raising interest rates.

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