XAU/USD Holds Steady Above $1,950 Despite Strong US Dollar

Gold prices have rebounded from their lowest level in three weeks, trading around $1,960 per troy ounce in the Asian trading session on Friday. Gold prices continue to rise, defying the strength of the US dollar (USD) and the high yields on US Treasury bonds due to hawkish comments from Federal Reserve Chairman Jerome Powell on Thursday. Chairman Powell expressed concern that the current policies may not be sufficient to achieve the target over time. Despite this sentiment, the market still has a widespread belief that the Fed has completed its tightening cycle, contributing to the weakening of the US dollar (USD). The US Dollar Index (DXY) is hovering around 105.90 after a strengthening noted in the previous session due to higher US Treasury yields. The yield on the 10-year US Treasury bond is currently at 4.61% at the time of writing. Additionally, for the week ending on November 4th, the US Initial Jobless Claims reached 217, slightly below the market forecast of 218 strengthening and lower than the previous week's 220. This result may further bolster confidence in the strong labor market in the US, providing additional support for the greenback. The Israel-Hamas conflict has currently been restrained, with Israel agreeing to a four-hour daily ceasefire in military operations in northern Gaza. These "strategically partial ceasefires" aim to create favorable conditions for humanitarian aid and assistance in affected areas. Private traders are awaiting the US University of Michigan Consumer Sentiment Index for November, along with the UoM 5-Year Inflation Expectation. These findings have the potential to provide additional momentum for Gold traders.

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