Gold Price Forecast: XAU/USD keeps $1,960 in the spotlight as United States inflation loom – by anilpanchal7 Gold XAUUSD Inflation Fed RiskAversion
Gold Price bounces off multi-month-old support line as US Dollar ended three-week uptrend on a softer note.
US inflation will be crucial amid easing concerns about Federal Reserve’s September rate hike, downbeat CPI can propel XAU/USD rebound. begins the week comprising the key United States inflation without much surprises as it defends the previous day’s corrective bounce off an important support line, mainly backed by mixed US employment report, during early Monday in Asia. In doing so, the XAU/USD seesaws near $1,943, flirting with the 50-DMA hurdle by the press time.
Talking about the data, the headline employment report posted a softer-than-expected Nonfarm Payrolls figure of 187K, versus 185K prior and 200K market forecasts, whereas the Unemployment Rate eased to 3.5% from 3.6% expected and previous readings. Further, the Average Hourly Earnings reprinted 0.4% MoM and 4.4% YoY numbers by defying the expectations of witnessing a slight reduction in wage growth.
Earlier in July, the Federal Reserve’s preferred inflation gauge eased previously but the US Gross Domestic Product Annualized for the second quarter managed to impress with upbeat growth figures.
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