Mixed Nonfarm Payrolls Data and Hawkish Fed Commentary Shape Gold Price Movement
Gold price (XAU/USD) shows signs of recovery as anticipation builds for the upcoming release of the United States Consumer Price Index (CPI) data on Thursday.
The precious metal struggled earlier to make a decisive move due to conflicting economic indicators. With firm wage growth and a lower Unemployment Rate offsetting the impact of a hiring slowdown.
Resilience in the US Dollar Index (DXY) is support by both the recovery in global oil prices and hawkish remarks from Federal Reserve (Fed) policymaker Raphael Bostic.
As momentum in the US Dollar gains traction. JP Morgan’s revised forecast of a real annualized GDP growth of 2.5% in Q3 adds to the Dollar’s strength.