Gold rallied as high as $1790 in the Asian trading on Thursday but gave up gains to reached fresh ten-day lows at $1756 after the US Treasury yields hit the highest levels in over two weeks on better-than-expected US Q1 GDP data.
However, technical indicators suggest on the daily time-frame chart that the precious metal could gain strength against the US Dollar within this session.
Recent data have highlighted the strength of the rebound in physical demand for gold, especially in India and China.
The upshot is that consumer demand for gold responds to changes in the price much more than the gold price responds to changes in consumer demand.
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