Gold Price Analysis: XAU/USD hits two-week high, around $1,675 area amid weaker USD – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
session. The intraday move-up is exclusively sponsored by the heavily offered tone surrounding the US dollar, which tends to benefit the dollar-denominated commodity.
In fact, the USD Index, which measures the greenback's performance against a basket of currencies, hits a one-month low amid diminishing odds for a more aggressive policy tightening by the Fed. The dismal US macro data released on Tuesday pointed to deteriorating growth in the world's largest economy and might force the US central bank to soften its hawkish stance. Investors now anticipate a potential slowdown in the pace of the Fed's rate-hiking cycle.
Market participants now look forward to the release of the New Home Sales data from the US for some impetus later during the early North American session. This, along with the US bond yields, will drive the USD demand and produce short-term opportunities around gold. Traders will further take cues from the broader market risk sentiment.
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