Gold price extends its gains on the second successive day, trading higher around $1,920 a troy ounce during the Asian session on Friday. The price of
, which measures the performance of the Greenback against the six other major currencies, trades around 104.90 below the highest since April. The index is continuing to cheer the consistent stream of positive data regarding the state of the US economy.
US Dollar's recent strength appears to be rooted in investors' increasing confidence in a more hawkish approach from the US Federal Reserve . Market participants seem to price in the likelihood of a 25 basis point interest rate hike during the Fed's November and December meetings, as well as the possibility of the Fed maintaining higher interest rates for an extended period. This scenario could potentially limit the upward trajectory of gold prices.
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