Gold price forecast: XAU/USD reaches lows of March after US data. XAUUSD
US GDP is revised up to 1.3% in the first quarter of the year , while Jobless Claims come in below expectations.drops to its lowest level since March 22 due to strong economic data and a high Personal Consumption Expenditures inflation. This leads investors to place higher bets on a 25 basis points interest rate hike by the Federal Reserve in the upcoming June meeting. Consequently, US bond yields increase, exerting pressure on Gold prices and favoring the US Dollar.
The US Bureau of Economic Analysis has reported that the Gross Domestic Product of the United States expanded by 1.3% quarter-on-quarter in the first quarter of 2023, surpassing the preliminary estimate of 1.1% which was expected to remain unchanged. In contrast,for the week ending on May 19 came in at 229k, lower than the consensus of 245k. Additionally, Core PCE inflation increased to 5% quarter-on-quarter in Q1, exceeding the expected rate of 4.9%.
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