Article by: ETO Markets
Gold prices (XAU/USD) were lower in Asian trading on Wednesday, largely due to a rebound in the US dollar. As geopolitical tensions escalate, especially conflicts in the Middle East, demand for gold as a safe-haven asset has risen, which has helped limit the downside for gold. In addition, dovish comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium last week also increased market expectations of an imminent Fed rate cut, thus supporting gold. The market is focused on speeches Wednesday by Federal Reserve Chairmen Christopher Waller and Rafael Bostic, whose comments could provide more clues on the central bank's interest rate policy. Meanwhile, investors are also awaiting the release later this week of preliminary U.S. second-quarter GDP and PCE price index data. A strong showing from these data could boost the greenback and limit the upside for dollar-denominated gold prices. However, dovish Fed policy expectations should continue to support gold prices to some extent.
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