• Gold trades steadily above $2,300, minor shift despite rising US Treasury yields and strong USD.
• Focus on upcoming US data: unemployment claims, University of Michigan Consumer Sentiment, Fed speeches.
• China's central bank boosts Gold reserves for 18th consecutive month, reflecting continued demand amid global economic uncertainty.

Gold price hovers around familiar levels on Wednesday during the North American session amid rising US Treasury yields and a strong US dollar. The economic docket in the United States remains scarce, with traders awaiting unemployment claims on Thursday, followed by the University of Michigan (UoM) Consumer Sentiment survey on Friday.

The XAU/USD trades at $2,312, down a minimal 0.02% and virtually unchanged. During the week, market players remained laser-focused on speeches by Federal Reserve (Fed) officials amid growing speculation that the US central bank would lower interest rates. Lower interest rates usually benefit the golden metal, which remains trading above the $2,300 threshold.

Boston Fed President Susan Collins said she expects demand to slow down to bring inflation to 2%, adding that there are risks of cutting rates “too soon.” She said that the current policy is well-positioned and that it is “moderately restrictive.”

The latest US employment report was softer than expected, reigniting fears that the economy would be weighed down and spur faster-than-expected rate cuts. This followed last Wednesday’s Fed decision to hold rates, in which the Fed acknowledged that the dual mandate risks had become more balanced.

Meanwhile, physical demand continues as reports emerged that China’s central bank continued to stock up its Gold inventories, adding 1.9 metric tonnes for 18 straight months of expanding its reserves.