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Gold analysis: Overbought metal could be hit by profit-taking as silver breaks out
Precious metals rallied even after the release of a stronger US jobs report on Friday that triggered another hawkish repricing in the bond market. Once again, gold and silver traders ignored the rise in Treasury yields as investors trimmed bets on a rate cut in June and the chances of three Fed reductions this year fell. Gold rallied around $40 to hit a new record high and silver extended its weekly advance to around 10%, ahead of the publication of US CPI in the week ahead. Friday's robust US jobs report came as a surprise with a headline print of more than 300K. Consequently, the likelihood of a rate cut in June ... (full story)