Gold Price portrays pre-Fed consolidation after two consecutive weekly gains.
1.Softer United States data, no rate hike expectations from Federal Reserve favor XAU/USD bulls, via downbeat US Dollar.
2.Hopes of upbeat China growth, mixed macroeconomic view prod Gold buyers.
3.US CPI for May will be crucial for Fed watchers despite 70% bets on no rate hike in June.
Gold Price (XAU/USD) begins the key week with mild losses, grinding lower to around $1,961 after witnessing a two-week winning streak. In doing so, the Gold price positions for the US Federal Reserve (Fed monetary policy meeting after cheering the broad US Dollar weakness amid dovish concerns about the Federal Reserve’s next move, backed by downbeat United States data. However, the cautious mood ahead of this week’s United States inflation numbers and other key events challenges the XAU/USD bulks.
Gold Price benefits from dovish Federal Reserve concerns
Gold Price rose for the second consecutive week in the last as market players place heavy bets on the Federal Reserve’s (Fed) no rate hike decision, especially after the last week’s downbeat United States (US) data.
