Gold price loses momentum for the third consecutive day on the higher US Treasury yields. The FOMC has signaled that it will not hike rates at its November meeting. The downbeat Chinese data raised concerns about the economic recovery in the world’s second largest economy. The FOMC meeting and press conference will be the closely watched events by traders. The yellow metal hovers around $1,984 after facing rejection to hold above the $2,000 mark.
The weaker-than-expected Chinese data on Tuesday raised concerns about the economic recovery in the world’s second-largest economy. China’s Manufacturing Purchasing Managers’ Index (PMI) came in at 49.5 in October from 50.2 expansion in September, below the market consensus of 50.2. Meanwhile, the Services PMI fell to 50.6 in October from the previous reading of 51.7, worse than the 51.8 expected.
Gold Price Forecast: XAU/USD dips below $2000 as Middle East conflict fears easeGold price (XAU/USD) fell below the $2000 mark late in the New York session, registering losses of 0. Read more ⮕
Gold Price Forecast: XAU/USD remains capped below the $2,000 barrier, Chinese PMI data loomsGold price (XAU/USD) consolidates below the $2,000 psychological mark during the early Asian session on Monday. Read more ⮕
Gold Price Forecast: XAU/USD bullish potential remains intact, focus shifts to FedGold price Is catching a breather below $2000 early Tuesday, having corrected sharply from near five-month highs on Monday. Read more ⮕
Gold Price Forecast: XAU/USD falls below $2,000 on renewed US Dollar demandSpot gold surged throughout the first half of the day but turned south in the American session, following dismal United States (US data) spurring US Dollar demand. Read more ⮕
Gold Price Forecast: XAU/USD’s upswing may not continueGold price exceeded the $2,000 mark again for the first time in five months and a half on Friday. Read more ⮕
Gold Price Forecast: XAU/USD reclaims $2,000 ahead of Fed rate callThe XAU/USD is seeing some hesitation after pinning into the $2,000 major level as investors turn broadly risk-off ahead of the Federal Reserve’s (Fed) upcoming interest rate call slated for tomorrow. Read more ⮕