- The softer US macro data published on Thursday lifted bets for an imminent start of the Federal Reserve's rate-cutting cycle this year and triggered a short-covering rally around the Gold price.
- The real US GDP growth for the first quarter was revised up to 1.4% annualized pace, though it marked the slowest rise since spring 2022 and confirmed a sharp slowdown from 3.4% in the previous quarter.
- The US Census Bureau reported that Durable Goods Orders increased by 0.1% in May as compared to a 0.1% fall anticipated and the 0.6% growth (revised from 0.7%) recorded in the previous month.
- Separately, the Labor Department said that Initial Jobless Claims fell to 233,000 in the week ended June 22, but the four-week moving average rose to 236,000, or the highest level since last September.
- Furthermore, US Pending Home Sales – a forward-looking indicator of home sales based on contract signings– unexpectedly decreased by 2.1% in May, to the lowest level on record going back to 2001.
- This comes on top of tepid US Retail Sales figures for May and signs that inflation is subsiding, which, in turn, should allow the Fed to lower borrowing costs as early as at the September policy meeting.
- The US Dollar, however, found some support from comments by Fed Governor Michelle Bowman, saying that we are not at a point yet to consider a rate cut as the upside risks to inflation persist.
- This, in turn, caps any further gains for the XAU/USD ahead of the release of the US Personal Consumption Expenditures (PCE) Price Index – the Fed's preferred inflation gauge – later this Friday.
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