- Gold price cheers upside break of $2,000 confluence around 13-month high marked in the last week.
- Downbeat US inflation, unimpressive Fed Minutes join recession woes to underpin XAU/USD run-up.
- Gold price needs an extra boost from risk catalysts, additional US inflation clues to challenge a record high of $2,075.
Gold price (XAU/USD) picks up bids to refresh intraday high around $2,020 as it prints a three-day winning streak after crossing the key $2,000 hurdle, now support, amid the downbeat US Dollar.
US Dollar Index (DXY) appears all set for the consecutive fifth weekly loss on downbeat prints of the US inflation data, per the Consumer Price Index (CPI). Also exerting downside pressure on the DXY, as well as fueling the Gold price, are Federal Reserve (Fed) officials’ signals of easy monetary policy ahead, via the FOMC Minutes and recent public speeches. Elsewhere, optimism surrounding China’s economic growth, despite recently mixed inflation and trade numbers, joins the recession woes in the West, to also propel the XAU/USD prices.
That said, the market’s latest inaction amid a light calendar and repetition of the comments from policymakers seem to restrict immediate Gold price moves. However, more proof of the easing of US inflation and Fed policy pivot are eyed for immediate directions.
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