UAE: Analysts bullish on gold, seeing touching $1,800 this week

UAE: Analysts bullish on gold, seeing touching $1,800 this week
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UAE: Analysts bullish on gold, seeing touching $1,800 this week
Analysts are bullish about the gold prices this week due to China's buying prowess and reduced upward pressure on US Treasury yields.
Vijay Valecha, chief investment officer, Century Financial, said the rise in US Treasury yields is unlikely to be sustained as Jerome Powell, the chairperson of the US Federal Reserve, is not even discussing the tapering of bond purchases.
"On the US stimulus front, the proposed infrastructure spending package faces opposition as Senator Joe Manchin, a key Democrat, only supports passing a bill with Republican support. This political gridlock should reduce the fiscal stimulus size and reduce the upward pressure on yields and thus bullish for gold," said Valecha.

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