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Gold flirts with two-week peak amid sustained USD selling, ahead of US NFP
The post Gold flirts with two-week peak amid sustained USD selling, ahead of US NFP appeared on BitcoinEthereumNews.com. Gold price regains positive traction and climbs back closer to a two-week top. September Fed rate cut bets undermine the USD and lend support to the metal. The risk-on mood might cap gains as traders gear up for the key US jobs report. Gold price (XAU/USD) attracts fresh buyers following the previous day’s range-bound price action and climbs back closer to its highest level since June 21 during the Asian session on Friday. Firming expectations that the Federal Reserve (Fed) will cut interest rates in September, bolstered by the recent softer US macro data, drags the US Dollar (USD) to over a three-week low and is seen benefiting the non-yielding yellow metal. Apart from this, persistent geopolitical tensions, along with political uncertainty in the US and Europe, turn out to be another factor driving flows towards the safe-haven commodity. That said, the prevalent risk-on environment – as depicted by the recent bullish run across the global equity markets – might keep a lid on any runaway rally for the XAU/USD. Traders might also refrain from placing aggressive bets and prefer to wait for the release of the US monthly employment details. The popularly known Nonfarm Payrolls (NFP) report will influence market expectations about the Fed’s future policy decisions. This, in turn, will drive the near-term USD demand and provide a fresh directional impetus to the precious metal, which remains on track to register gains for the second straight week. Daily Digest Market Movers: Gold price bulls retain control amid dovish Fed expectations-inspired USD selling Expectations for an imminent start of the Federal Reserve’s rate-cutting cycle in September weigh on the US Dollar for the fourth straight day on Friday and continue to lend support to the non-yielding Gold price. The market bets were lifted by this week’s softer US macroeconomic…
The post Gold flirts with two-week peak amid sustained USD selling, ahead of US NFP appeared on BitcoinEthereumNews.com.
Gold price regains positive traction and climbs back closer to a two-week top. September Fed rate cut bets undermine the USD and lend support to the metal. The risk-on mood might cap gains as traders gear up for the key US jobs report. Gold price (XAU/USD) attracts fresh buyers following the previous day’s range-bound price action and climbs back closer to its highest level since June 21 during the Asian session on Friday. Firming expectations that the Federal Reserve (Fed) will cut interest rates in September, bolstered by the recent softer US macro data, drags the US Dollar (USD) to over a three-week low and is seen benefiting the non-yielding yellow metal. Apart from this, persistent geopolitical tensions, along with political uncertainty in the US and Europe, turn out to be another factor driving flows towards the safe-haven commodity. That said, the prevalent risk-on environment – as depicted by the recent bullish run across the global equity markets – might keep a lid on any runaway rally for the XAU/USD. Traders might also refrain from placing aggressive bets and prefer to wait for the release of the US monthly employment details. The popularly known Nonfarm Payrolls (NFP) report will influence market expectations about the Fed’s future policy decisions. This, in turn, will drive the near-term USD demand and provide a fresh directional impetus to the precious metal, which remains on track to register gains for the second straight week. Daily Digest Market Movers: Gold price bulls retain control amid dovish Fed expectations-inspired USD selling Expectations for an imminent start of the Federal Reserve’s rate-cutting cycle in September weigh on the US Dollar for the fourth straight day on Friday and continue to lend support to the non-yielding Gold price. The market bets were lifted by this week’s softer US macroeconomic…
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