Gold Price (XAU/USD) holds onto the week-start strength despite retreating from a 13-day high during the late hours of Monday, edging higher to around
$1,920 amid the initial Asian session on Tuesday. In doing so, the XAU/USD cheers the softer US Dollar and Treasury bond yields amid optimism surrounding China, one of the world’s biggest Gold customers. It’s worth noting that the cautious mood ahead of the key United States data, especially after the Federal Reserve Chairman Jerome Powell’s emphasis on data dependency, prod the Gold buyers of late.
On Monday, the US Dallas Fed Manufacturing Business Index improved to -17.2 for August versus -21.6 expected and -20.0 prior. It’s worth noting that the details of the activity gauge were mixed as the new orders and prices paid for raw materials increased but the finished good prices eased. However, the policymaker also highlighted the data dependency and hence increased the importance of the incoming statistics, as well as amplified uncertainty about the US central bank’s next moves, which in turn directed the market players toward the Gold. It should be noted that Cleveland Fed Bank President Loretta Mester favored a rate hike, even if not in September, while the odds of witnessing an increase in the Fed rate in November improved of late, per the CME’s FedWatch Tool.
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