Gold price hits $2,390, its highest level in three weeks ⭐️⚡ "...
- Gold price hits $2,390, its highest level in three weeks, gaining over 1%.
- US Treasury bond yields plunge, US Dollar Index drops to five-week low.
- April Retail Sales stagnate, while Fed officials express concerns about restrictive monetary policy.
Gold price extended its uptrend for the second straight day on Wednesday and hit a three-week high of $2,390 after data revealed by the US Bureau of Labor Statistics (BLS) showed inflation is ebbing, increasing the odds for a Federal Reserve (Fed) rate cut in 2024. Hence, US Treasury bond yields are plunging, while the Greenback tumbles to a five-week low as depicted by the US Dollar Index (DXY).