- This week's recovery across the global equity markets runs out of steam amid lingering concerns about a US recession and offers some support to the safe-haven Gold price during the Asian session on Thursday.
- Moreover, there are fears that the Iranian attack in retaliation to the assassination of Hamas chief Ismail Haniyeh in Tehran and the subsequent Israeli response could lead to a broader conflict in the Middle East.
- Investors have fully priced in a 25-basis points rate cut by the Federal Reserve in September and have been speculating the possibility of a 50 bps rate cut amid worries about an economic downturn in the US.
- The expectations, meanwhile, trigger a fresh leg down in the US Treasury bond yields and caps on the recent US Dollar recovery from a multi-month low, which further underpins the non-yielding yellow metal.
- Traders now look to the usual Weekly Initial Jobless Claims data from the US for some impetus later today, though the focus remains glued to the US consumer inflation figures, due for release next Wednesday.
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