Gold futures climbed Wednesday as the yellow metal was on track for its longest winning streak in nearly three months as prices rose for a fourth straight day.
Price action Market drivers After being battered by rising Treasury yields and a strengthening U.S. dollar, gold prices are showing signs of life, with the yellow metal heading for its first weekly gain in five, according to FactSet data.
Still, some analysts believe the recovery could soon fade unless something happens to change the fundamental outlook for the metal. Recently, expectations that the Federal Reserve could keep interest rates higher for longer have weighed on gold, since higher yields increase the appeal of other safety plays like bonds and the dollar.
“This recovery attempt is a positive signal for the metal as it shows that buyers are returning to be active but we cannot yet consider the current movement to be a proper inversion. What is missing is a major catalyst with the strength to trigger a rise big enough to offset the decline of the last few weeks,” said Carlo Alberto De Casa, external market analyst at Kinesis Money.
The ICE U.S. Dollar Index DXY, a gauge of the greenback’s strength against other major currencies, rose 0.3% to 103.90. Meanwhile, the yield on the 10-year Treasury note BX:TMUBMUSD10Y was off by 5.5 basis points at 4.270%. Bond yields move inversely to prices.
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