Gold price (XAU/USD) attracts some sellers around $1,902 during the early European session on Wednesday. Precious Metal faces some selling pressure du
the US Dollar Index
, a measure of the value of the USD relative to a basket of foreign currencies, has risen above 106.20, the highest level since November. Economic data released on Tuesday showed that the US Conference Board Consumer Confidence for September rose by 103.0 from 108.7 in August. The figures dropped to a four-month low and indicated the impact of higher interest rates and concerns about the political environment. Meanwhile, the Building Permits came in at 1.541M in August from the previous reading of 1.443M. The House Price Index for July rose to 0.8% MoM from 0.4% in the previous reading, above the market consensus of 0.5%.
The Federal Reserve decided to hold the interest rate unchanged in the 5.25% to 5.50% range last week. In terms of macroeconomic predictions, most members still expect further rate rises later this year. MinneapolisPresident, Neel Kashkari stated on Tuesday that he is one of the Fed policymakers who sees one more rate hike this year. He added that US rates probably have to go a little bit higher and be held there for longer, to cool things off.
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