Gold price marginally extends its gains and successfully continues the winning streak for the third day. XAU/USD hovers around $1,900 per troy ounce d
Risk aversion and China's economic woes are placing downward pressure on the price of gold.Gold price marginally extends its gains and successfully continues the winning streak for the third day.hovers around $1,900 per troy ounce during the Asian session on Wednesday, showing signs of recovery following four consecutive weeks of losses despite a firmer US Dollar .
However, elevated risk aversion and concerns regarding China’s economy, are exerting pressure on the price of Gold. These elements could potentially impact the overall trajectory of Gold Prices. Investors’ attention will be on China's economic woes and financial toil, any signs of further development in fiscal stimulus will be cheered up. According to Reuters, during the BRICS summit in South Africa on Tuesday, Chinese President Xi Jinping said that China's economy was resilient and that the fundamentals for its long-term growth remained unchanged.
As said, data released on Tuesday revealed that US Existing Home Sales declined 2.2% in July to an annual rate of 4.07M, against the market consensus of 4.15M. The Richmond Fed Manufacturing Index improved in August from -9 to -7, in line with market expectations.
for August and New Home Sales Change for July, later during the North American session. These datasets could provide insights, helping for placing fresh bets on the yellow metal.
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