Gold witnessed some profit-taking amid a further improvement in the risk sentiment. The ongoing USD bullish run, an uptick in the US bond yields added to the selling bias. Gold edged lower on Thursday and dropped to fresh session lows in the last hour, back closer to the $1600 round-figure mark. The buying interest around the safe-haven precious metal is starting to fade amid a further improvement in the global risk sentiment. The PBoC’s latest move to cut the benchmark loan prime rate on Thursday signalled that China is ready to introduce additional measures to offset the economic impact from the coronavirus outbreak. Gold weighed down by a combination of factors The commodity has now reversed a major part of the previous session’s positive move to multi-year tops and was further weighed down by sustained US dollar buying interest. In fact, the USD Index climbed to near three-year tops and further contributed to the weaker tone surrounding the dollar-denominated. This coupled with a modest uptick in the US Treasury bond yields also played their part in driving flows away from the non-yielding commodity. However, the downside seemed cushioned, at least for the time being, as investors remain concerns over deepening economic fallout from the outbreak of the deadly virus. Hence, it will be prudent to wait for some strong follow-through selling before positioning for any further near-term corrective slide. A sustained weakness back below the $1600 mark will confirm that the commodity might have already topped and prompt some additional long-unwinding trade. Moving ahead, market participants now look forward to the US economic docket, featuring the release of the usual weekly jobless claims and the Philly Fed Manufacturing Index. The data might influence the USD price dynamics and produce some short-term trading opportunities later this Thursday. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD: Modest bounce FX Street 2 years Gold witnessed some profit-taking amid a further improvement in the risk sentiment. The ongoing USD bullish run, an uptick in the US bond yields added to the selling bias. Gold edged lower on Thursday and dropped to fresh session lows in the last hour, back closer to the $1600 round-figure mark. The buying interest around the safe-haven precious metal is starting to fade amid a further improvement in the global risk sentiment. The PBoC's latest move to cut the benchmark loan prime rate on Thursday signalled that China is ready to introduce additional measures to offset the economic impact from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.