- Gold price has stretched its downside to near $1,990.00 amid steep recovery in the USD Index.
- Investors are anticipating a rebound in US inflation figures amid solid labor market conditions.
- Gold price is declining towards the upward-sloping trendline plotted at $1,885.77.
Gold price (XAU/USD) has extended its downside to near $1,990.00 as the US Dollar Index (DXY) has refreshed the day’s high amid soaring anxiety among the market participants ahead of the release of the United States inflation data. The USD Index has printed a fresh high of 102.23 as investors are anticipating a rebound in US inflation figures amid solid labor market conditions.
Meanwhile, S&P500 futures have extended their losses on hopes that the Federal Reserve (Fed) is looking to hike rates further to arrest persistent inflation, portraying a decline in the risk appetite of the market participants. Fed chair Jerome Powell is expected to push rates above 5% as the Unemployment Rate has further dropped. This might continue to force firms to offer higher earnings for acquiring fresh talent.
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