Gold kept rallying throughout the first half of Tuesday, hitting an all-time high of $2,531.60 amid persistent US Dollar’s weakness and persistent demand for the safe-haven metal, particularly coming from Asia.
XAU/USD Current price: $2,507.75 The market’s optimism faded in the American session, with the FOMC Minutes around the corner. China among the major gold buyers amid speculation the USD will weaken further. XAU/USD could extend its corrective decline but is still far from bearish. Mounting expectations that the Fed eral Reserve will trim interest rates, translating into further USD weakness, is pushing Chinese authorities and individual investors into Gold.
Still, there’s a good chance the document will fall short of expectations and barely impact the USD, given that policymakers have shifted towards a more dovish tone since then. Market participants are pretty much convinced the Fed will trim rates in September, and the Minutes have no chance to change such belief. XAU/USD short-term technical outlook The daily chart for the XAU/USD pair shows the pair has room to extend its gains, with the recent pullback from record highs seen as corrective.
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.
XAU/USD Price Forecast: Gold price holds its ground after Fed decisionOn Wednesday, the XAU/USD rose to $2,440 and held its ground after the widely anticipated Federal Reserve (Fed) decision.
Read more »
Gold Price Forecast: XAU/USD aims to retest record highs near $2,500Spot Gold kept rallying on Monday, up for a third consecutive day and currently trading above $2,460 a troy ounce.
Read more »
Gold Price Forecast: XAU/USD consolidates near record highsGold price moved one step closer to its record high on Tuesday, hitting $2,476.81 during Asian trading hours.
Read more »
Gold Price Forecast: XAU/USD stable above $2,500 and looking for fresh record highsSpot Gold trades near a record high of $2,509.80 achieved at the beginning of the week, helped by sluggish US Dollar demand.
Read more »
Gold Price Forecast: XAU/USD holds steady above $2,500, potential downside seems limitedGold Price (XAU/USD) hovers around $2,500 during the early Asian session on Tuesday.
Read more »
Gold Price Forecast: XAU/USD holds above $2,450 ahead of US CPI dataGold price (XAU/USD) trades with mild gains near $2,465 during the early Asian session on Wednesday.
Read more »