$4,450 Gold Price Bounce Amid Weakened USD
Gold prices have bounced back after a two-day losing streak, rising towards $4,450 as investors capitalize on sustained US Dollar weakness. The greenback has dropped to two-week lows against its major peers, with the Japanese Yen (JPY) surging to seven-month highs versus the USD.
The BoJ's hawkish repricing is weighing on the USD/JPY pair and the dollar overall, acting as a tailwind for gold. However, oil prices remain elevated at seven-week highs, keeping inflation concerns and Fed rate hike bets alive.
Iranian threats in the Persian Gulf have also kept prices underpinned, with Oil remaining near its recent highs. The black gold could experience volatility later in the day as US traders return after the extended weekend and react to geopolitical headlines.