Gold price (XAU/USD) gains momentum to $1,978, the highest level since late July during the early Asian trading hours on Friday. The rally of the prec
Gold price extends its upside for the fourth consecutive day. The weekly Initial Jobless Claims dropped to 198K last week, the lowest level since January. Fed Chair Jerome Powell signaled no further rate hikes by the Fed, which dragged the USD lower. ious metal is bolstered by the decline of the US dollar following Fed Powell’s dovish comments and a safe-haven flow.
Fed Chair Jerome Powell signaled a desire to pause rate hikes and watch how economic data develops in the coming months. Powell further stated that further tightening of monetary policy might be appropriate if there is more evidence about above-trend growth and a tight labor market. His comments dragged the USD lower broadly and boosted USD-denominated gold.
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