Gold price (XAU/USD) falls further as upside risks of Middle East tensions ease.
Gold price faces a sell-off as investors remain cautious over the speech from Fed Powell. The majority of Fed policymakers have advised waiting for more data for a fresh outlook on interest rates. The US Dollar could rebound as global slowdown fears escalate. The precious metal remains on the backfoot as market participants expect conflicts to remain contained between Israel and Palestine.
Further action in the US Dollar, bullions, and bond market are likely to be guided by the speech from Fed Chair Jerome Powell. The guidance on interest rates and commentary on the economic outlook from Powell will be keenly watched. On Wednesday, Jerome Powell, in his prepared remarks, didn’t comment on monetary policy and the economic outlook. Meanwhile, the US Dollar Index consolidates in a narrow range around 105.50.
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