Gold Price Forecast: XAU/USD trades with modest gains around $1,960, FOMC eyed – by lilyfinancial Gold XAUUSD Commodities
rs await the Federal Open Market Committee meeting and Fed Chairman Jerome Powell's press conference for further guidance for the entire year.
The US S&P Global Composite PMI for July showed weaker-than-expected data. The figure fell to 52 from 53.2, versus 53.1 expected. Meanwhile, the S&P Global Manufacturing PMI improved to 49 from 46.3, and the Services PMI declined to 52.4 from 54.4. Apart from this, the downbeat US housing and inflation data reported last week underpin the US Dollar and hint that the Fed could be close to the end of their rate-hike cycles.
Looking ahead, market players are now closely watching the Fed's monetary policy meeting. This event could significantly impact the USD-denominated gold price. Also, US CB Consumer Confidence and Advance GDP QoQ will be due later this week. Investors will monitor this development and find opportunities around the gold price.
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