Gold prices were poised to achieve their first weekly gain in a month. However, following Federal Reserve (Fed) Chair Powell's speech, they started to
also acknowledged the central bank's attentiveness to signs that the economy is not cooling as expected. He concluded by stating that the Fed will proceed cautiously in deciding whether to tighten policy further or maintain the current rate and await additional data.
Regarding economic data, the key reports during the week were the global Purchasing Managers' Index figures. These numbers mostly came in below expectations, except for Japan. The weaker-than-expected PMI figures contributed to a deterioration in risk sentiment worldwide, limited the upside in government bond yields and aided in the correction of XAU/USD.
Another factor weighing on the yellow metal is the strength of the US Dollar, which is partly driven by the bond market, but also reflects the relatively better economic outlook of the US compared to theand the UK. Even countries like New Zealand and Australia, which are showing worrisome signs, do not have expectations of near-term rate hikes from their respective central banks. This divergence reinforces the strength of the US Dollar, limiting the upside potential for XAU/USD.
Germany will report preliminary Consumer Price Index figures on Wednesday, followed by the Eurozone's inflation numbers on Thursday. These figures will be crucial before the September 14 European Central Bank Governing Council meeting. If inflation shows further slowing, it could lower European yields and benefit Gold. Germany will also report employment and retail sales data on Thursday.
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