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Gold price is trading on a positive note despite the stronger USD on Friday.  The higher-for-longer US rate narrative might weigh on the yellow metal in the near term. Investors will monitor the Fed’s Waller speech, US Durable Goods Order, and Michigan Consumer Sentiment Index report on Friday.  Gold price (XAU/USD) recovers some lost ground on Friday despite the stronger US Dollar (USD). The upside of yellow metal might be limited amid the diminishing bets of a rate cut in September from the US Federal Reserve (Fed) Nonetheless, the safe-haven flows amid the rising geopolitical tensions in the Middle East might lift the gold price.  Gold investors will take more cues from Fedspeak. The Fed’s Waller is set to speak on Friday. The hawkish remarks from the Fed policymakers might further weigh on the yellow metal. It’s worth noting that a higher rate generally hurts gold prices as it increases the opportunity cost of investing in the yellow metal. Apart from this, the US Durable Goods Order and Michigan Consumer Sentiment Index will be released.  Daily Digest Market Movers: Gold price retreats from record highs amid the Fed’s hawkish remarks The US Initial Jobless Claims fell by 8K to 215K for the week ending May 18. This figure came in lower than the expectation of 220K and the previous week’s reading of 223K. The flash US S&P Global Manufacturing PMI rose to 50.9 in May from 50.0 in April. The Services PMI climbed to 54.8 in May from the previous reading of 51.3. Both figures came in better than the estimation.  The US S&P Global Composite PMI jumped to 54.4 in May from 51.3 in April, beating the market expectation of 51.1, the highest level since April 2022. Atlanta Fed President Raphael Bostic said that he still sees upward inflation pressure, adding the Fed may need to be more patient to…

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Filed under: News - @ May 24, 2024 6:28 am