Gold price continues to attract buyers amid growing September Fed rate cut bets.
Tuesday’s upbeat US Retail Sales data underpins the USD and might cap the metal.
The risk-on mood further warrants caution before positioning for additional gains.
Gold price (XAU/USD) builds on the previous day's strong move up and touches a fresh all-time high, around the $2,476-2,477 area during the Asian session on Wednesday. The recent comments by Federal Reserve (Fed) officials cemented expectations about an imminent start of the rate-cutting cycle in September. This, in turn, keeps the US Treasury bond yields depressed near a multi-month trough and is seen as a key factor benefiting the non-yielding yellow metal.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.