Gold price trades with a positive bias for the fourth successive day on Thursday and is currently placed just below the $1,920 area, or a nearly two-w
, however, lacks bullish conviction, warranting some caution before positioning for an extension of the recent bounce from the $1,885 zone, or the lowest level since March 13 touched earlier this week.
Against the backdrop of the worsening economic conditions in China, a host of manufacturing surveys released on Wednesday painted a grim picture of the health of economies across the globe. Furthermore, the dismal macro data from the United States showed that business activity in the world's largest economy approached the stagnation point in August. In fact, the S&P Global's flash Composite USregistered its biggest drop since November 2022 and fell to 50.
Apart from this, diminishing odds for further policy tightening by the Federal Reserve , which led to the overnight pullback in the yield on the benchmark 10-year US government bond from a 16-year peak, lends support to the non-yielding yellow metal. The markets, however, seem uncertain about the timing when the Fed will halt its rate-hiking cycle or even start cutting rates.
In fact, the USD Index , which tracks the Greenback against a basket of currencies, now seems to have stalled its retracement slide from its highest level in more than two months touched on Wednesday. A modest USD strength could keep a lid on the US Dollar-denominated Gold price as investors keenly await
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