Gold Price Forecast: XAU/USD bears approach $1,680 support amid hawkish Fed bets – by anilpanchal7 Gold XAUUSD Fed Inflation RiskAppetite
bears hopeful. That said, the CME’s FedWatch tool signals the 78% chance for the US central bank’s 75 bps rate hike in November.
Furthermore, mixed updates surrounding China and geopolitical fears emanating from Moscow and Beijing also exert downside pressure on the XAU/USD prices. China’s downbeat PMIs for September join fears of escalating Sino-American tussles to drown the gold prices, due to Beijing’s status as one of the key commodity users. However, recently improving covid conditions in the dragon nation joins the People’s Bank of China’s pause in the USD/CNY fix increase to challenging the gold buyers.
Moving on, annual meetings of the International Monetary Fund and the World Bank , as well as updates on Russian President Vladimir Putin’s emergency meeting, on Monday, could entertain gold traders. However, major attention will be given to the Federal Open Market Committee Minutes and Thursday’s US Consumer Price Index . That said, a likely softer print of the US inflation isn’t expected to ward off downside fears for the metal.
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