Gold price consolidated near the lowest level in three weeks
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Currently, Gold (XAU/USD) continues its efforts to achieve any meaningful recovery in European trading session, currently trading at $1949. Some officials from the Federal Reserve this week have given mixed signals about the future path of interest rate hikes, which has led to money flowing out of the yellow metal, resulting in no profit since the beginning of this week. Furthermore, investors now seem less concerned about further escalation in the Israel-Hamas conflict. This is considered another factor contributing to the erosion of demand for safe-haven precious metals.
Expectations of continued decrease in US Treasury bond yields have weakened the US Dollar (USD). Additionally, market caution, along with China's economic difficulties, is believed to have somewhat supported precious metals and limited their downside. Traders are now awaiting the release of the US Weekly Initial Jobless Claims data for further motivation ahead of Fed Chairman Jerome Powell's speech.
Currently, Gold (XAU/USD) continues its efforts to achieve any meaningful recovery in European trading session, currently trading at $1949. Some officials from the Federal Reserve this week have given mixed signals about the future path of interest rate hikes, which has led to money flowing out of the yellow metal, resulting in no profit since the beginning of this week. Furthermore, investors now seem less concerned about further escalation in the Israel-Hamas conflict. This is considered another factor contributing to the erosion of demand for safe-haven precious metals.
Expectations of continued decrease in US Treasury bond yields have weakened the US Dollar (USD). Additionally, market caution, along with China's economic difficulties, is believed to have somewhat supported precious metals and limited their downside. Traders are now awaiting the release of the US Weekly Initial Jobless Claims data for further motivation ahead of Fed Chairman Jerome Powell's speech.
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Gold price (XAU/USD) is highly likely to deliver a second straight bearish weekly closing as several Federal Reserve (Fed) policymakers voice support for further tightening.
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The "hawk" signals from the President of the US Federal Reserve (Fed) Powell on Friday have submerged in the context of this precious metal that is lacking support factors.
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