Gold Price (XAU/USD) stays on the front foot for the fourth consecutive day despite lacking upside momentum ahead of the top-tier statistics.
That said, the XAU/USD’s latest run-up could be linked to the US Dollar’s retreat amid softer Treasury bond yields and slightly positive market sentiment.
Furthermore, expectations of improving US-China ties and mixed concerns about the dedollarization at the BRICS Summit, currently held in South Africa to facilitate diplomatic discussion among Brazil, Russia, India, China and South Africa, also favor the Gold buyers.
On the same line could be the market’s heavy bets, per the interest rate futures, suggesting no change in the Fed rate in September, as well as expectations favoring the lack of hawkish bias in Fed Chair Jerome Powell’s speech at Friday’s Jackson hole Symposium.
It’s worth noting, however, that the recently firmer US data and the Federal Reserve policymakers’ hesitance in welcoming the rate-cut bias seems to guard the XAU/USD rebound as markets await preliminary readings of the August month Purchasing Managers Indexes (PMIs) for major economies
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