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Gold rises in GBP terms

FXStreet (Mumbai) - Gold prices gained strength in the UK after the Bank of England’s (BOE) quarterly inflation report erased expectations of an early interest rate hike in the UK.

Gold or XAU/GBP advanced 0.75% to GBP 736.85/Oz levels. Moreover, Gold prices are inversely related to the bond yields, which rise/or fall in line with a rise/fall in interest rates. The yields across the long end and the short end of the Gilt market curve declined sharply post the dovish BOE inflation report. Thus Gold prices gained in the UK.

Meanwhile, the GBP/USD pair fell sharply to 1.533 levels, from the day’s high of 1.5941 hit ahead of the BOE’s inflation report.

Gold (GBP) Technical Levels

Gold has an immediate resistance at 737.72, above which the prices may rise to 743.00. On the flip side, support is seen at 724.00 and 713.00 levels.

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