Happy Friday, traders.
After a stretch of calm to begin Q2, a more reactive US Treasuries market was once again the most impactful counterpart for gold prices this week.
With a lineup of very strong earnings reports from some of the US stock market’s biggest whales rolling out on Tuesday and a reported surge in consumer confidence, the 10-year’s yield began climbing on Tuesday, surpassing 1.6% for the first time in a week.
In between the two troughs for gold’s chart this week, prices made their biggest gains on Wednesday thanks to Jerome Powell and the Fed continuing to hold their ground.
After rebounding from Thursday morning’s steep losses, gold has stabilized and looked strong over the last 24 hours, consolidating near $1770/oz.
For now, traders, I hope you can get out and safely enjoy your weekend for the next couple of days.