Gold remains under selling pressure on Thursday, trading near a fresh multi-week low of $2,357.92.
XAU/USD Current price: $2,363.12 The United States Gross Domestic Product was much better than expected in Q2. Stock markets bounced amid speculation the US economy will dodge a recession. XAU/USD could extend its slump towards the $2,300 region in the upcoming sessions. The bright metal eased throughout the first half of the day amid a dismal market mood. Equities led the way, falling on the back of weak earning reports and a sharp slide in the tech sector.
The Greenback retained its strength against safe-haven rivals but eased against high-yielding ones as generally upbeat US figures pushed Wall Street into positive ground, as the recession ghost got spooked further away. As the dust settles, speculative interest continues to believe there is a 100% chance the Fed will trim rates in September, while the odds for an additional rate cut in November increase to roughly 70%, according to the CME FedWatch Tool.
XAUUSD Recommended Growth Inflation
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