Gold Price Forecast: XAU/USD edges higher amid weaker USD, risk-on mood seem to cap gains – by hareshmenghani Gold Commodities Fed RiskAppetite XAUUSD
US dollar
struggles to attract any buyers and remains well within the striking distance of its lowest level since late June, which, in turn, offers some support to the dollar-denominated gold. The softer-than-expected US consumer inflation figures released on Wednesday forced investors to pare bets for a 75 bpsrate hike move at the September policy meeting. This, along with a fresh leg down in the US Treasury bond yields, further undermines the greenback and benefits the non-yielding yellow metal.
That said, the risk-on mood keeps a lid on any further gains for the safe-haven gold, at least for the time being. Signs that inflation might have peaked already continue to fuel speculations for a less aggressive policy tightening by the US central bank. The US Producer Price Index released this Thursday reinforces market expectations and further boosts investors' confidence.
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