September 26, 2024
New Delhi, India
Gold Price (XAUUSD) Today
The Gold price (XAUUSD) struggled to gain clear intraday direction on Thursday, oscillating below the all-time high touched the previous day. Traders remained cautious as they awaited more clues on the US Federal Reserve’s future rate-cut path. Despite expectations for another 50 basis points rate cut by the Fed in November, the US Dollar (USD) failed to capitalize on its recent recovery, providing some support for the non-yielding yellow metal.
Key Factors Influencing Gold’s Movement:
- Federal Reserve Rate Cut Speculation: Markets are pricing in the possibility of an aggressive rate cut by the Fed. However, Fed officials have been cautious, pushing back against the idea of steep reductions. Investors are now keenly awaiting Fed Chair Jerome Powell’s speech and other key macroeconomic data, such as the Q2 GDP print, Weekly Initial Jobless Claims, and Durable Goods Orders, for further direction on the Fed’s policy.
- Geopolitical Tensions and Global Economic Concerns: Escalating tensions in the Middle East and lingering worries about China’s economic recovery, despite the latest stimulus measures, continue to drive demand for safe-haven assets like gold. However, bullish traders seem hesitant to place new bets ahead of the Fed’s rate path clarification.
- USD Performance: The US Dollar struggled to build on Wednesday’s recovery gains, as dovish Fed expectations continue to weigh on the currency. This, in turn, helps cushion the downside for gold prices, though the metal remains confined within a narrow trading range.
Also Read: USDINR Price: Rupee Weakens Amid USD Sales and Crude Oil Concerns; Fed’s Powell Speech in Focus
While geopolitical concerns and global economic risks provide some tailwinds for gold, the market’s focus remains fixed on the upcoming speeches by influential FOMC members, including Jerome Powell, as well as crucial US macroeconomic data. The insights from these events will likely shape the near-term trajectory of gold prices and the broader financial markets.
Gold Price(XAUUSD) was trading at $ 2,665.675USD up +8.680 or +0.33% at 1:32 P.M IST.
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