Gold prices rose late in the North American session even though the US economy remains resilient after Gross Domestic Product (GDP) figures propelled the Greenback higher.
Gold prices climb despite upbeat US Q2 GDP revision and drop in unemployment claims. Despite rising US Treasury yields and DXY up 0.33% to 101.38, Gold 's upward trend continues. Focus shifts to upcoming core PCE data, expected to slightly increase, potentially impacting Fed decisions. CME FedWatch Tool shows 65.5% likelihood of a 25 bps rate cut in September, bolstering Gold prices.
Next week, the US economic docket will feature the August Nonfarm Payrolls report, which could be crucial to assess the size of the Fed’s first rate cut at the September meeting. Technical outlook: Gold price uptrend extends, traders eye $2,550 Gold price uptrend remains in place on Thursday. As price action pushes above $2,520, buyers remain hopeful that XAU/USD could climb past the all-time high at 2,531. Momentum suggests buyers are in charge as the Relative Strength Index portrays.
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