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Gold gains 0.39% in GBP terms

FXStreet (Mumbai) - Gold prices advanced in GBP terms, supported by a fall in the GBP/USD pair and the rise in XAU/USD pair or Gold in USD terms after the disappointing US jobless claims data hit the wires.

Gold in GBP terms or XAU/GBP traded 0.39% higher at 739.75 at the time of writing, while the GBP/USD is down 0.26% at 1.5736 levels. Moreover, the dovish quarterly inflation report released by the Bank of England (BOE) yesterday led to a sharp decline in the rate hike expectations, which pulled up Gold prices in GBP terms.

The yellow metal is likely to remain well supported in GBP terms as the GBP/USD pair continues to slide, while the US Dollar may see correction against Gold since the initial jobless claims of the last week rose 290K, beating the market expectation of 280K print.

Gold or XAU/GBP Technical Levels

Gold has a resistance at 737.72, above which the prices can rise to 745.65. On the flip side, support is seen at 724 and 714.

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