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Gold gains strength as dollar, yields, weaken

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Written by:
Myrsini Giannouli

02 February 2022
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Gold climbed on Tuesday, as the dollar settled to a lower price than last week’s highs. Yields also dipped across the US treasury curve, providing gold with a small price boost. Interest-bearing assets such as real yields, compete directly with gold as an investment, which doesn’t pay dividends or interest. The price of gold is also supported by the ongoing crisis between Russia and Ukraine, as investors turn to safe-haven assets.

Gold climbed a little on Tuesday, on a weakening dollar, going above the key $1,800 per ounce level.  If the price of gold rises again, it may find resistance at $1,829 per ounce and further up at $1,877 per ounce, while if the price of gold decreases further, support may be found at 1,782 per ounce. This week, gold price is expected to show some volatility, due to mounting tensions between Russia and Ukraine.

XAUUSD 1hr chart

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Written by:
Myrsini Giannouli

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