The post XAU/USD trades near $2,010 after retreating from a six-month high appeared on BitcoinEthereumNews.com.

Gold price gains ground for the third session on subdued US Dollar. Yellow metal may receive support on the positive sentiment as PBoC boosts financial support for private firms. Fed officials favor further tightening and emphasize that decisions will be contingent on incoming data. Gold price trims some of its intraday gains during the Asian session on Monday, pulling back from a six-month high at $2,018 per troy ounce. At the time of writing, the price of the precious metal trades higher around $2,010. The price of Gold could see further strengthening on the positive sentiment arising from the news that the People’s Bank of China (PBoC) has issued a notice to enhance financial support for private firms. This includes support for private enterprises in listing and financing, mergers and acquisitions, and restructuring. PBoC has pledged to increase bond issuance by privately owned firms and is encouraging lenders not to cut or suspend loans for private companies facing temporary difficulties but have competitive technologies. Gold receives upward support from the negative tone surrounding the US Dollar (USD). This negativity has been influenced by the mixed S&P Global PMI data, leading market participants to speculate that the US Federal Reserve (Fed) might consider easing monetary policy in 2024. The interplay of these factors is contributing to the strength of Gold as a safe-haven asset amid uncertainties in the Greenback and the Fed’s monetary policy trajectory. The latest data on the US S&P Global Composite PMI for November indicates it remained unchanged at 50.7. The Services PMI increased to 50.8 in November from 50.6 in October. However, the Manufacturing PMI eased to 49.4 from 50.0, falling short of the 49.8 estimated. US Dollar Index (DXY) hovers around 103.40, struggling to halt losses on the back of improved US Treasury yields. The US…

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Filed under: News - @ November 27, 2023 3:16 am