Gold managed to rally near an all-time high in early trading Wednesday amid a risky labor market environment and steady US Treasury yields.
Market participants now prefer to ignore the US 'Consumer Confidence' figures which are seen moving positively compared to expectations.
At exactly 9.30 am, the price of gold was at $2,520.85 which is a decrease of 0.16% since it opened in early Asian trading on Wednesday.
Market sentiment still remains with Fed Chairman Jerome Powell's speech last Friday that a potential interest rate cut is coming.
The statement caused US Treasury bond yields to fall and the US dollar currency to a new 12-month low, which is the last level seen in July 2023 according to the US Dollar Index (DXY).
DXY was at 100.55, down 0.31% and the benchmark US 10-year note yielded 3.829% almost unchanged.
The price of the precious yellow metal is still maintaining its strong position due to increased tensions in the Middle East. The Israel-Hezbollah conflict escalated over the weekend and fears that the conflict could widen.
