Gold price fails to build on the overnight bounce and comes under fresh selling pressure on Friday Commodities
n. The XAU/USD currently trades around the $1,900 round-figure mark, down nearly 0.40% for the day, and remains well within the striking distance of its lowest level since mid-March touched on Thursday.
A more hawkish stance adopted by major central banks and the prospects for further rate increases continue to act as a headwind for the non-yielding Gold price. Apart from this, the emergence of fresh US Dollar buying turns out to be another factor driving flows away from the XAU/USD.
It is worth recalling that the US central bank had signalled that borrowing costs may still need to rise as much as 50 bps by the end of this year. Adding to this, the upbeat US macro data released on Thursday reaffirmed market bets for a 25 bps lift-off at the next FOMC policy meeting on July 25-26. Furthermore, Fed Chairsaid earlier this week that he does not see inflation coming down to the Fed's 2% target until 2025.
It, however, remains to be seen if the USD bulls can maintain their dominant position or opt to take some profits off the table ahead of the release of the US CorePrice Index - the Fed's preferred inflation gauge. The crucial data is due later during the early North American session and influence expectations about the future rate-hike path.
, which seems poised to end the quarter in the negative territory for the first time since September 2022.
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