The post Gold price languishes near two-week low, focus shifts to US CPI and key central bank meetings appeared on BitcoinEthereumNews.com.

Gold price remains under some selling pressure for the second successive day on Monday. Reduced bets for a March Fed rate cut move and a modest USD uptick weigh on the metal. Geopolitical risks could help limit further losses ahead of this week’s key data/event risks. Gold price (XAU/USD) fell over 1.5% intraday and touched a two-week trough on Friday following the release of stronger-than-expected employment details from the United States (US). The closely-watched US jobs report showed strength across the board and pointed to a resilient economy, forcing investors to trim their bets for a 25 basis points (bps) interest rate cut by the Federal Reserve (Fed) in March 2024. This pushed the US Treasury bond yields and the US Dollar (USD) higher, which, in turn, weighed heavily on the commodity. The selling bias around the Gold price remains unabated through the Asian session on Monday, though it lacks follow-through amid geopolitical risks. Traders also seem reluctant to place aggressive bets ahead of this week’s key data and central bank event risks. The US consumer inflation figures are due on Tuesday, which will be followed by the crucial FOMC decision on Wednesday. The Swiss National Bank (SNB), the Bank of England (BoE) and the European Central Bank (ECB) are also scheduled to announce policy updates on Thursday. The market attention will then turn to the release of flash PMI prints from the Eurozone, the UK and the US, which will offer fresh insight into the health of the global economy and provide some meaningful impetus to the Gold price. Nevertheless, the XAU/USD, for now, seems to have found acceptance below the $2,000 psychological mark and looks to a possible Fed pivot to prevent a deeper correction. Daily Digest Market Movers: Gold price continues to be weighed down by reduced…

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Filed under: News - @ December 11, 2023 5:08 am