Gold Price Forecast: XAU/USD sits near multi-month top ahead of Powell’s speech – by hareshmenghani Gold Commodities Fed Inflation SEO
s day. The XAU/USD is currently placed just below the $1,880 level as traders keenly await Federal Reserve Chair Jerome Powell’s speech for a fresh impetus.Powell is scheduled to speak at the Riksbank’s International Symposium on Central Bank Independence later during the early North American session. His remarks will be closely scrutinized for clues about the Fed's rate-hike path.
, due for release on Thursday. The crucial US CPI report will be looked upon for fresh insight into the Fed's policy stance, which will play a key role in determining the near-term trajectory for the non-yielding Gold price.Heading into the key event/data risk, the US Dollar stages a modest recovery from a seven-month low touched on Monday amid a goodish intraday pickup in the US Treasury bond yields. This, in turn, might cap any meaningful upside for the US Dollar-denominated Gold price.
rate hikes should act as a headwind for the US Treasury bond yields and the USD. In fact, the markets have been pricing in a 25 bps lift-off in February amid indications that inflationary pressures could be weakening.Apart from this, the prevalent cautious mood could lend some support to the safe-haven Gold price and favours bullish traders.
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