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 FXEmpire Market Update: Gold Prices Dip Amid Rising Treasury Yields and Strong Dollar

Gold prices experienced a decline, falling by 0.45% to $2,622, as the market felt the impact of rising Treasury yields and a strengthening dollar. The uptick in yields, with the 10-year hitting a seven-month high of 4.641%, alongside the dollar's ascent for the fourth consecutive week, has diminished the appeal of gold, a non-yielding asset.

Key resistance levels for gold are currently set at $2,629 and $2,665, the latter aligning with the 50-day moving average, indicating potential hurdles in the near term. On the downside, support is found at $2,607.35 and further at $2,583.91.

This market movement is influenced by several factors including geopolitical tensions and trade policies under the Trump administration, which might increase gold's safe-haven demand as we move into 2025. Despite facing current headwinds, the outlook for gold remains positive with expectations of central bank buying driving prices toward the $3,000 mark by mid-2025.

Investors are advised to keep an eye on bond yields and Federal Reserve signals, as these will likely be key drivers for gold's trajectory in the upcoming period.

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