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Gold reached a one-month high in trading yesterday (Thursday) as the US dollar and the 10 Year Treasury yields both started a downwards slide. Gold is now testing a key resistance level which sits around the £1,311 ($1,800 mark) and eyeing a move which could be substantially higher.

The US dollar wasn’t alone in its struggles, as the US consumer also faced pain points with notably higher prices. This could also give gold another boost, with market analyst Han Tan of Exinity saying, “Should market participants continue ditching ‘team transitory’ as stagflation fears ramp up, gold prices could catch strong bids from safe haven plays and as a hedge against stubbornly elevated consumer prices.”

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