Gold Price Forecast: XAU/USD holds gains following Fed’s Beige Book XAUUSD Gold Metals Inflation
the report of soft inflation figures from the US, which fueled a decline in US yields. In the meantime, the DXY index stands at its lowest level since April 2022, and the Federal Reserve Beige Book report failed to trigger a recovery. fell to 3% year-on-year in June, slightly lower than the expected 3.1% and down from the previous figure of 4%. The Core inflation also decreased to 4.8% year-on-year, below the anticipated 5% from the previous 5.3%.
Despite falling yields, investors continue to bet on a 25 basis points hike in the next July meeting, according to the CME FedWatch tool. That said, investors shouldn't take off the table another hike for the rest of 2023 as Jerome Powell and several Federal Reserve officials hinted that “multiple hikes” may be appropriate.
In addition, the Federal Reserve's Beige Book revealed that the overall economic activity in the US has seen a slight increase since late May. The report also indicated that consumer spending had shown mixed results, with growth primarily observed in consumer services. However, following the report's release, its impact on the USD was limited as it continues to show weakness agains most of its rivals.
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