4/9/2021 10:58:38 PM GMT Gold advanced to its highest level in five weeks above $1,750. Plunging US Treasury bond yields fueled XAU/USD’s rally. Gold could target $1,785 if it manages to break above 50-day SMA. The XAU/USD pair stayed stuck in a tight range at the start of the week as the thin trading conditions due to Easter Monday allowed financial markets to remain calm. On Tuesday, the sharp drop witnessed in the US Treasury bond yields weighed heavily on the greenback and triggered a rebound in the pair. Although gold struggled to break above the key resistance at $1,745 on Wednesday, a 3.7% decline seen in the benchmark 10-year US T-bond yield provided a boost to the precious metal on Thursday. After touching its highest level since early March at $1,758, XAU/USD staged a correction on Friday and settled below $1,750, gaining nearly 1% on a weekly basis.