- Dovish Federal Reserve expectations, along with rising geopolitical tensions in the Middle East, lifted the Gold price to a fresh record high – levels beyond the $2,500 psychological mark – on Friday.
- The US Producer Price Index and Consumer Price Index released last week indicated that inflation is on a downward trend, which keeps the Fed on track for a 25-basis-point rate cut in September.
- This, to a larger extent, overshadowed Thursday's upbeat US Retail Sales data, which eased concerns about a recession in the world's largest economy and attracted fresh sellers around the US Dollar.
- Furthermore, the University of Michigan’s preliminary report showed that the US Consumer Sentiment Index improved for the first time after four months of declines and rose to 67.8 in August.
- Another key part of the report revealed that expectations for overall inflation over the next year held steady at 2.9% and over the next five years was unchanged for the fifth straight month at 3%.
- This, however, did little to impress the USD bulls amid bets for an imminent start of the Fed's policy easing cycle, which has been a key factor driving flows towards the non-yielding yellow metal.
- Chicago Fed President Austan Goolsbee said the US economy is not showing signs of overheating, so central bank officials should be wary of keeping restrictive policy in place longer than necessary.
- San Francisco Fed President Mary Daly downplayed concerns about a sharp US economic slowdown, though said that the US central bank needs to take a gradual approach to lower borrowing costs.
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