Gold Price remains depressed around $1,938, extending Friday’s pullback from the monthly high after a downbeat start to the week. The yellow metal mar
ked a dull performance the previous day amid the United States Labor Day Holiday. However, the uncertainty about the Federal Reserve’s next move and a lack of confidence in China’s efforts to defend the world’s second-largest economy seems to weigh on the XAU/USD of late.
It’s worth noting that the market’s bets on the Federal Reserve’s status quo in September contrasts with a recent improvement in the odds favoring a rate hike during late 2023 seems to weigh on the Gold Price even as the US Dollar remains depressed. That said, Federal Reserve Bank of Cleveland President Loretta J. Mester defended the US central bank’s hawkish move and ruled out the rate cut bias in her speech on Friday, which in turn prod the Gold buyers.
However, the market’s lack of confidence in the Chinese measures to defend the economy, as well as the Sino-American tension, recently over Taiwan and the US businesses’ discomfort in Beijing, prod the optimism, which in turn challenges the Gold buyers. began the week on a negative note while posting the first daily loss in three.
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