The post Gold price consolidates below record high as traders await US PCE Price Index appeared on BitcoinEthereumNews.com.

Gold price climbed to a fresh all-time peak on Thursday amid dovish Fed expectations. The USD languished near the YTD low and shrugged off Thursday’s upbeat US data. The upbeat market mood caps the XAU/USD ahead of the key US PCE Price Index. Gold price (XAU/USD) extended its record-breaking run for the fifth straight day on Thursday amid the emergence of fresh US Dollar (USD) selling. Despite the fact that several Federal Reserve (Fed) officials this week tried to push back against bets for a more aggressive policy easing, the markets are still pricing in a greater chance of another oversized rate cut in November. This overshadowed the better-than-expected US macro data and weighed heavily on the buck, benefiting the non-yielding yellow metal.  Apart from this, persistent geopolitical tensions stemming from the ongoing conflicts in the Middle East continue to drive haven flows and turn out to be another factor acting as a tailwind for the Gold price. That said, the prevalent risk-on mood across the global equity markets – bolstered by China’s stimulus measures – caps any further gains for the XAU/USD. Investors also seem reluctant and prefer to wait on the sidelines ahead of Friday’s release of the US Personal Consumption Expenditure (PCE) Price Index. Daily Digest Market Movers: Gold price bulls turn cautious amid risk-on mood, ahead of US PCE Price Index Federal Reserve Governor Michelle Bowman again defended her decision to vote against the oversized rate cut in September and said that the upside risk to inflation is still prominent. Earlier this week, Atlanta Fed President Raphael Bostic warned that the central bank needn’t go on a mad dash to lower rates, while other Fed officials left the door open for large rate cuts.  Fed Governor Lisa Cook said on Thursday that she endorsed the 50…

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Filed under: News - @ September 27, 2024 2:17 am