Gold Price (XAU/USD) rises to the highest levels in two weeks, up for the fifth consecutive day, as bulls cheer receding fears of higher rates ahead o
The recent downbeat Purchasing Managers Index data for August from the developed economies, including the US, restored the market’s previous concerns about the central bank policy pivot and weighed on the Greenback, which in turn fuelled the Gold Price.
However, a slew of US data remains to be published and can test the XAU/USD bulls. Above all, Fed Chairman Jerome Powell’s defense of the hawkish monetary policy will be crucial to watch for clear directions as the latest US data suggest the nearness to the end of the rate hike cycle, which if confirmed could weigh on the US Dollar and favor the Gold buyers.
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