Gold Price renews two-week high as bulls cheer sooner end of hawkish monetary policies.
Downbeat activity data recalls challenges for “higher for longer” rates, fueling XAU/USD amid upbeat sentiment.
China-linked optimism adds strength to the Gold Price rebound despite cautious mood ahead of key central bankers’ speeches.
Jackson Hole Symposium gains additional importance as hawks are challenged by recent PMI.
Gold Price (XAU/USD) rises to the highest levels in two weeks, up for the fifth consecutive day, as bulls cheer receding fears of higher rates ahead of top-tier US data and central bankers’ speech at the annual Jackson Hole Symposium event.
The recent downbeat Purchasing Managers Index (PMI) data for August from the developed economies, including the US, restored the market’s previous concerns about the central bank policy pivot and weighed on the Greenback, which in turn fuelled the Gold Price.
Additionally, expectations that the diplomatic ties between China and the US will improve also allowed the XAU/USD to remain firmer due to Beijing’s status as one of the world’s top Gold customers.
Elsewhere, the US Dollar’s sluggish move and market’s optimism, backed by the technology stocks, as well as a pullback in the US Treasury bond yields from the multi-year high add strength to the Gold price run-up.
However, a slew of US data remains to be published and can test the XAU/USD bulls. Above all, Fed Chairman Jerome Powell’s defense of the hawkish monetary policy will be crucial to watch for clear directions as the latest US data suggest the nearness to the end of the rate hike cycle, which if confirmed could weigh on the US Dollar and favor the Gold buyers
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