Gold bottomed at $2,281.56 early on Wednesday, as demand for the US Dollar extended at the beginning of the day amid a dismal mood.
XAU/USD Current price: $2,304.57 Market players anticipate a hawkish Fed eral Reserve's announcement. United States data showed the labor market remained tight in April. XAU/USD recovered the $2,300 mark, but the risk remains skewed to the downside. Speculative interest turned risk-averse on Tuesday following the release of the higher-than-anticipated United States Q1 Employment Cost Index, which fueled concerns about persistent inflationary pressure.
Manufacturing output contracted in April after one month of expansion following 16 consecutive months of contraction, say the nation's supply executives in the latest Manufacturing ISM report. Finally, S&P Global confirmed the Manufacturing PMI for the same month at 49.4, well below the 50 expected and the previous 49.8. The Fed is widely anticipated to leave the policy rate unchanged at 5.25%-5.
Gold Recommended Fed Employment
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