Gold approaching 2000 ahead of GDP!
The price of gold (XAU/USD) struggles to capitalize on intraday gains, hovering around the $2,052 level and retracing from a peak touched last Wednesday, near seven months ago. Despite a modest rebound in the US dollar and a positive risk tone, the precious metal remains in positive territory for the fifth consecutive day. The Federal Reserve officials' recent less hawkish statements confirm the market's bets on monetary policy tightening starting from March 2024. The disappointing auction of US Treasury bonds has lowered yields, providing support for gold. Attention is now focused on the preliminary US GDP report and the core PCE price index, which will influence Fed policy expectations and guide the direction of the dollar and gold.
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