Gold Price signals the first weekly gain in five despite firmer US Dollar.
Overall softer yields, mixed concerns for “higher for longer rates” and China-linked anxiety fuel XAU/USD price.
Federal Reserve Chairman Jerome Powell’s speech eyed to confirm Fed policy pivot and can propel Gold Price on acceptance.
A slew of other central bankers’ speeches, mid-tier United States data will be helpful for clear XAU/USD guide.
Gold Price (XAU/USD) seesaws around the weekly top while marking $1,916 as a quote during early Friday’s Asian session, despite fading the bullish bias on late Thursday. Even so, the yellow metal prepares to snap a four-week losing streak as markets await Federal Reserve (Fed) Chairman Jerome Powell’s speech at the Jackson Hole Symposium for further directions, especially amid recently mixed United States data.
Thursday’s US statistics again troubled the traders as the headline numbers came in weak but the details were impressive and justified the Fed’s hawkish bias. However, the mixed Fed talks at Jackson Hole and the likely negative weekly close of the US Treasury bond yields, as well as mixed concerns about China, seem to put a floor under the Gold Price even as the firmer US Dollar prods the XAU/USD bulls.
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