Here is the XAUUSD news update for today, February 20, 2024. Gold prices fell on Tuesday after three days of gains, approaching $2,018 per troy ounce during Asian trading hours. This decline was triggered by the strengthening US dollar due to higher US bond yields, putting pressure on non-yielding assets like gold.

Market participants are awaiting the release of the FOMC minutes on Wednesday for insights into the Federal Reserve's views on interest rates. ANZ forecasts that the Fed's rate-cutting cycle will begin in July 2024, with a 53% chance of a 25 basis point cut at the June meeting according to the CME FedWatch Tool.

Dovish statements from Fed officials on Monday weakened the US dollar. San Francisco Federal Reserve President Mary C. Daly noted that three rate cuts make sense for 2024. St. Louis Federal Reserve President James Bullard suggested considering a rate cut at the March meeting.

The US Dollar Index (DXY) halted a four-day decline, trading around 104.40. The yields on 2-year and 10-year US bonds are at 4.65% and 4.30%, respectively.

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The analysis “XAUUSD Today: February 20, 2024 - Gold Prices Weaken, Touch $2,018” is based on insights from fundamental and technical perspectives from reliable sources and does not constitute advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct independent research first regarding other forex information as a reference for your trading.

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