XAUUSD

The precious metal has come under pressure due to rising bond yields and a strengthening Dollar following the strong US employment and services sector data released yesterday. The renewed expectation that the Fed may delay interest rate cuts is reducing the appeal of Gold, which does not yield interest. While today's BoE decision's impact on the markets will be monitored, the primary direction of Gold will continue to depend on the trajectory of the US economy and expectations regarding the Fed's monetary policy.