Precious Metal Market
By Octa
Gold Remains Indecisive, the XAU/USDpair has been trading within a sideways range of $2,300.00—$2,333.00 since the start of the week. Yesterday, it saw a modest increase of 0.45%. The US retail sales report fell short of investor expectations, leading to a decline in theUS Dollar Index(DXY). However, the market responded cautiously to this news.
Gold prices edged higher on Tuesday after softer-than-expected U.S. retail sales data cemented hopes that the Federal Reserve will reduce interest rates this year, sending the dollar and Treasury yields lower.
Gold prices edged higher on Tuesday as Treasury yields eased, with market participants awaiting U.S. data and comments from Federal Reserve officials for more clarity on the central bank’s roadmap for interest rate cuts.
Gold prices extended losses to over 1% on Thursday after cooler-than-expected U.S. producer price data with analysts attributing the price drop to profit-taking.
Gold prices fell on Thursday after the U.S. Federal Reserve in its most recent policy meeting scaled back to only one interest rate cut later this year, fewer than previously projected, even as inflation cooled in May.
Gold prices edged up on Tuesday despite an uptick in the U.S. dollar as investors awaited key U.S. inflation data and the conclusion of the U.S. Federal Reserve’s two-day monetary policy meeting on Wednesday.
Gold prices fell on Tuesday with investors awaiting key U.S. inflation data and the outcome of the Federal Reserve’s policy meeting for details of the central bank’s plans to cut interest rates against its inflation target.
Gold prices held steady on Monday after a sharp sell-off in the previous session on stronger-than-expected U.S. jobs data, with investors awaiting the Federal Reserve policy meeting this week for further direction.
Gold prices climbed to a two-week high on Thursday as weaker-than-expected U.S. jobs data fanned hopes of a Federal Reserve interest rate cut later this year with focus shifting to non-farm payrolls data due on Friday.
Gold firmed on Thursday as the dollar and Treasury yields retreated on rising bets that U.S interest rate cuts may start as early as September, while investors awaited the U.S. non-farm payrolls data.
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