Gold price (XAU/USD) holds onto a fresh weekly high, supported by the cautious market mood that is a product of the deepening Israel-Hamas conflict. T
Gold price turns sideways after a sharp recovery as the focus shifts to US inflation data. Fed policymakers are worried about rising Treasury yields as they could dampen financial conditions. The US Dollar will dance to the tune of the FOMC minutes, consumer and producer inflation data. he Israeli army responded to Hamas’ Saturday incursion with airstrikes on the Gaza Strip.
Last week Cleveland Fed Bank President Loretta Mester and Fed Governor Michelle Bowman announced support for one more interest rate increase in the remainder of 2023, citing the resilient US economy and expectations that progress in inflation declining to 2% will stall. The US Dollar Index finds interim support near 106.00 after facing selling pressure due to neutral guidance on interest rates from Fed policymakers.
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