Gold Price Analysis: XAU/USD sticks to modest gains around $1,670 ahead of FOMC minutes – by hareshmenghani Gold Commodities Fed Inflation XAUUSD
o its modest intraday gains, around the $1,670 region through the first half of the European session, though the uptick lacks bullish conviction.
The US dollar consolidates its recent gains recorded over the past five trading sessions as investors look to the FOMC meeting minutes for a fresh impetus. The subdued USD price action offers some support to the dollar-denominated gold. That said, hawkish Fed expectations continue to act as a tailwind for the greenback and keep a lid on any meaningful upside for the non-yielding yellow metal.
The markets seem convinced that the US central bank will stick to its aggressive policy tightening path to tame inflation and have been pricing in another supersized 75 bps rate hike in November. This remains supportive of elevated US Treasury bond yields and favours the USD bulls. Apart from this, a generally positive risk tone contributes to keeping a lid on the safe-haven XAU/USD.FOMC minutes
, which will be looked upon for clues about future rate hikes. The focus will then turn to the US consumer inflation on Thursday, which is expected to remain stubbornly high. This will reinforce the Fed's hawkish rhetoric and suggest that the path of least resistance forHence, any subsequent move up could be seen as a selling opportunity and runs the risk of fizzling out rather quickly.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Forecast: Markets Continue to Float Around a Familiar LGold markets have rallied slightly during the trading session as we find ourselves near the $1680 level yet again.
Read more »
Gold Price Forecast: XAU/USD fades recovery below $1,700 as hawkish Fed bets precede FOMC MinutesGold Price Forecast: XAU/USD fades recovery below $1,700 as hawkish Fed bets precede FOMC Minutes – by anilpanchal7 Gold XAUUSD Fed Recession Commodities
Read more »
Colorado Avalanche Unveil 14-Karat White Gold 2022 Stanley Cup Championship RingThe Colorado Avalanche’s 2022 Stanley Cup championship ring includes 669 total diamonds with special symbolizations, the franchise first unveiled privately on Monday.
Read more »
Gold Price Forecast: XAU/USD drops below $1670 on a buoyant US dollar, risk-off impulseGold Price Forecast: XAU/USD drops below $1670 on a buoyant US dollar, risk-off impulse – by christianborjon Gold XAUUSD Metals Macroeconomics Fed
Read more »
Gold Outlook: XAU/USD Facing Strong Fundamental Headwinds, YTD Lows in Sight Once MoreGold struggled to remain above the psychological $1700 level on Friday as markets digested stronger than expected US job numbers. Get your market update from zvawda here:
Read more »