Gold price (XAU/USD) stages a modest recovery during the early Asian session on Thursday.
Gold price attracts some buyers after the Federal Open Market Committee rate decision.
maintained the monetary policy unchanged at 5.5% at its November meeting. Gold traders will focus on the weekly Initial Jobless Claims ahead of Friday's Nonfarm Payrolls . The rebound of precious metal is bolstered by a decline in the US Treasury bond yields following the the Federal Open Market Committee policy meeting. As of writing, gold price is trading higher on the day at $1,985.
maintained the monetary policy unchanged at 5.5% at its November meeting late Wednesday. Federal Reserve Chairman Jerome Powell stated that the rise in long-end yields needs to be persistent and driven by higher term premiums to influence monetary policy while mentioning that the current monetary policy is already restrictive. The markets believe that the rate hike cycle is already over. This, in turn, exerts some selling pressure on the US Dollar .
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