XAUUSD#GOLD#latest#News

Here is some latest news about XAU/USD (Gold US Dollar): 1. **Gold Prices Hold Gains Above $2,380 as Stocks Snap Record-Setting Rally**: Despite the Dow Jones failing to sustain its rise above 40,000 for the first time, gold prices remained well-bid, carrying over the gains from the previous day with just a slight tick lower. This indicates a strong demand for gold as a safe-haven asset and a hedge against market volatility. 2. **History Suggests Materials Sector About to Hit Seasonal Peak**: The Materials group in the US equity market is expected to move towards a peak for the year, according to Renaissance Macro Research. This is supported by the performance of metals like copper, silver, and gold, which have seen significant gains in 2024. 3. **Gold Prices Shed 2.4% in Worst Plunge Since Early 2023**: Gold experienced its worst day since February 2023, with prices dropping more than 2.4%. This was attributed to investors scaling back bets on safe havens and the US dollar gaining ground as risk was reduced. 4. **Gold Expected to Slow Price Momentum**: BofA analysts believe that while gold will rise higher in 2024, its price momentum will slow due to stretched RSI conditions. This suggests that while gold is expected to continue its upward trend, it may do so at a slower pace. 5. **Strong Dollar and High Yields May Spark Bearish Trend in Gold**: The strong U.S. jobs report, rising Treasury yields, and a strengthening U.S. Dollar have impacted gold prices, hindering their increase. These factors reduce the appeal of gold as an alternative investment. 6. **Gold Holds Near All-Time-High Levels Ahead of Fed Testimony**: Gold stood tall near previous session's record highs as markets expect Federal Reserve Chair Jerome Powell's testimony to reveal clues on a potential June rate cut. This anticipation for rate cuts boosts the appeal of non-yielding bullion. These latest news highlights the current demand for gold as a safe-haven asset and the impact of economic indicators on its price.