Gold price (XAU/USD) fell more than 1% on Thursday as bulls opted to take some profits off the table amid a goodish rebound in the US Treasury bond yields and the US Dollar (USD).
Gold price edges higher and moves away from the weekly low touched on Thursday. Dovish Fed expectations prompt fresh USD selling and continue to act as a tailwind. Geopolitical risks further act as a tailwind ahead of Fed Chair Jerome Powell’s speech. Gold price fell more than 1% on Thursday as bulls opted to take some profits off the table amid a goodish rebound in the US Treasury bond yields and the US Dollar .
Separately, Boston Fed President Susan Collins said that it will soon be appropriate to begin cutting rates as data on inflation are consistent with more confidence inflation getting back to 2%. The market attention now shifts to Fed Chair Jerome Powell's speech, which will be scrutinized for cues about the interest rate trajectory and provide a fresh directional impetus to the yellow metal.
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