Unfortunately, gold's attempt to reach the $1,830 price level has been thwarted by a surge in US and US dollar bond yields following the FOMC minutes of the Minutes report which indicated interest rates would be raised earlier than expected.
At the time of writing, the precious metal was trading down at $1,808 an ounce, down from its price level of $1,829 before the minutes of the message were issued. Meanwhile, gold trading also slumped at around $1,809 per ounce.
According to a press briefing from the Federal Reserve's (Fed) basic meeting in December, fundamentalists said that the conditions for raising benefits may be met in the near future if the strengthening of the labor market continues.
After that, forward trading at the rate of partnership funds (financial contracts that represent market opinion) has priced in about an 80% chance of a rate increase in March.
The 10-year US bond yield also jumped to the highest level since April 2021, in addition to helping stimulate the US dollar's rise.
Meanwhile, ADP data also showed private sector job creation jumped by 807,000 in December, much better than expected.
