Gold price reached a fresh three-week high above $2,380.00 on Wednesday and maintains the bullish stance in the mid-American session.
XAU/USD Current price: $2,383.39 As expected, the United States Consumer Price Index rose 3.4% YoY in April. Persistently above-target inflation likely to maintain the Fed in the wait-and-see path. XAU/USD is bullish in the near term, could soon test the $2,400 mark. XAU/USD rallied following the release of the United States Consumer Price Index as inflation remained stubbornly high in April, according to the US Bureau of Labor Statistics . The CPI rose 3.4% YoY in April from 3.
Fed Chairman Jerome Powell lifted the toneand ended up delivering clearly hawkish messages. In such a scenario, speculative interest is eager to see softening inflation figures, precisely the opposite of what was seen throughout the first quarter of the year. As a result, investors drop the US Dollar. XAU/USD short-term technical outlook The daily chart for the XAU/USD pair shows bulls are in control, although a firmer rally remains unclear.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: Middle East war fears spark fresh XAU/USD rally, will it sustain?Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session.
Read more »
Gold Price Forecast: XAU/USD rebounds on market caution, aims to reach $2,400Gold price recovers its recent losses, trading around $2,370 per troy ounce during the Asian session on Thursday.
Read more »
Gold Price Forecast: XAU/USD regains its poise on broad US Dollar’s weaknessSpot Gold advanced towards the $2,350 region mid-Tuesday, ticking north on the US DollarDollar'sess.
Read more »
Gold Price Forecast: XAU/USD under selling pressure around $2,330Spot Gold traded with a soft tone on Monday, now hovering around $2,335 a troy ounce.
Read more »
Gold Price Forecast: XAU/USD extends the rally near $2,360 amid geopolitical risksThe gold price (XAU/USD) extends its upside near $2,360 on Monday during the early Asian trading hours.
Read more »
Gold Price Forecast: XAU/USD flirts with $2,320 as USD demand losses steamGold price flirts with $2,320 in the American session, trimming early losses that sent XAU/USD to a weekly low at $2,303.60.
Read more »