Gold prices continued to soar for 3 consecutive sessions, reversing losses suffered on Monday as positive sentiment from China dampened dollar buying interest.
The XAU/USD chart shows gold hovering at $1,790 after China announced a transition from a zero-Covid policy, further marking the dollar's 2nd straight day of decline.
The movement of the dollar was seen in contrast to the flow of Treasury yields as the 10-year note recovered from the lowest level since mid-September yesterday.
Positive news from China, hinting that global economic activity will pick up again after a shift in restrictive policies, cheered investors ahead of central bank meetings next week.
On the other side, oil commodities continued their fall for 5 consecutive sessions after investors assessed the factors of global economic slowdown that will reduce fuel demand.
Brent crude futures were down 1.3% at $76.15 a barrel and West Texas Intermediate (WTI) crude futures were down 0.8% at $71.46 a barrel.
However, oil saw a slight recovery initially on the news of the closure of the Canada-United States (US) Keystone pipeline.
It is the main pipeline that sends Canadian crude oil from Alberta to the US Midwest and the Gulf strait, which was forced to close after a spill in the Kansas river.
And follow-up news from the US-Gulf confirming its excess inventory limited gains on oil prices yesterday.
