Gold praised the US Treasury yields decrease from three-year high the previous day to print notable gains. However, the bond coupons recover, underpinning the US dollar strength, amid the market’s anxiety ahead of the key data/events.
That said, S&P 500 Futures seesaws between gains and losses, up 0.11% intraday around 4,452 by the press time while the US 10-year Treasury yields retreated from a three-year high to 2.30% before regaining a 2.33% level at the latest.
The latest hawkish Fed speech highlighted the US PMIs for March and Durable Goods Orders for February. Also, the Ukraine-Russia tensions and the US readiness to slap more sanctions on Moscow emphasize President Biden’s meeting with the North Atlantic Treaty Organization (NATO) allies in Europe. Furthermore, China’s covid update and fears emanating from the Middle East also can challenge the gold prices on a key day.
Going forward for today, the economic calendar is full of mega-events on Thursday. US will reveal the Initial Jobless Claims, Durable Goods Orders, and Markit (Manufacturing and Services) PMI on Thursday. Nevertheless, the focus will remain on the EU leaders summit to discuss the embargo on Russian oil and US President Joe Biden meeting with his NATO counterparts to discuss the Russia-Ukraine hostilities and attitude for a diplomatic solution.
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