Gold Price Forecast: XAU/USD licks US inflation-linked wounds near $1,700 – by anilpanchal7 Gold XAUUSD Recession Inflation Fed
t should, however, be noted that a lack of major data/events seemed to restrict the immediate bullion moves during Wednesday’s Asian session.
US inflation data renewed fears of the Federal Reserve’s aggressive rate hike, as well as propelled the recession woes, on Tuesday. Also acting as the downside catalysts for the XAU/USD are the geopolitical concerns surrounding China and Russia. for August rose past 8.1% market forecasts to 8.3% YoY, versus 8.8% prior regains. The monthly figures, however, increased to 0.1%, more than -0.1% expected and 0.0% previous readings. The core CPI, means CPI ex Food & Energy, also crossed 6.
Following the US inflation data release, the bets on the Fed’s next move turned increasingly hawkish, with the 75 basis points of a hike appearing almost certainly next week. It’s worth noting that there is around 25% chance that the US Federal Reserve will announce a full 1.0% increase in the benchmark Fed rate on September 21 meeting.
It should be noted that the yield inversion also widened after US inflation data and propelled the recession woes, which in turn drowned the XAU/USD prices due to the pair’s risk-barometer status. That said, the US 10-year Treasury yields rallied to 3.412% and those for 2-year bonds increased to 3.76% following the data, around 3.41% and 3.745% respectively at the latest.
Elsewhere, US President Joe Biden’s chip plans to increase hardships for China join the rush toward stronger ties with China to fuel the Sino-American woes. Further, expectations that Russia will hit hard after retreating from some parts of Ukraine also weighed on the
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