Gold price is stalling a two-day upswing towards $1,700. Strategists at ANZ Bank expect the yellow metal to remain under downside pressure.

XAU/USD to remain under pressure

“The hawkish tone of the central banks is keeping US real yields and the US dollar on a strong footing. While recession fears grow due to rising rates and sticky inflation, we should see some haven flows but not enough to reverse the bearish trend anytime soon.”

“We expect gold to remain under pressure.”

See – Gold Price Forecast: XAU/USD to suffer further falls with a top in place – Credit Suisse