Gold price (XAU/USD) extends its losing streak for the sixth consecutive trading day on Wednesday.
Gold price drops further as fading Fed 50 bps rate cut bets strengthened the US Dollar’s appeal. The downside in Gold price is expected to be limited due to geopolitical tensions. Investors await the FOMC Minutes and the US inflation data for September. Gold price extends its losing streak for the sixth consecutive trading day on Wednesday.
The inflation data will significantly influence market expectations for the Fed’s interest rate outlook for the remainder of the year. According to the CME FedWatch tool, 30-day Federal Fund Futures pricing data shows that there will be a 25-bps interest rate cut in each of the two meetings remaining this year. Technical Analysis: Gold price falls to near $2,610 Gold price extends its correction to near $2,610 from its all-time high of $2,685 as profit-booking remains intact.
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