Gold Price Forecast: XAU/USD loses the momentum above $1,950 following mixed Chinese data Gold XAUUSD Commodities
That said, the upbeat US consumer confidence helped the US Dollar recover above its lowest level since April 2022, dragging gold prices lower on Friday.
The preliminary reading of the University of Michigan's Consumer Confidence Index rose to 72.6 from 64.4 in June, beating the market's expectation of 65.5. Additionally, US consumer prices climbed by 3.0% year on year, down from 4.0% previously, and the Producer increased by 0.1%, down from 0.9% prior. Market participants anticipate the Federal Reserve to be less hawkish in tightening monetary policy following an expected interest rate hike in the July 26 meeting.
On the Chinese front, the latest National Bureau of Statistics data reported that the Chinese Gross Domestic Product came in at 6.3% annually, lower than predicted at 7.3% and 4.5% previously. At the same time, Industrial Production YoY increased by 4.4% from 3.5% the previous year, above the consensus of 2.7%.
Additionally, Retail Sales fell to 3.1% YoY from June, down from 12.7% previously and 3.2% expected by the market. The mixed economic figure helps gold to limit the loss. However, investors remain focused on the Chinese data. It’s worth noting that the fear of an economic slowdown in China could have a negative impact on theThe Fed enters its blackout period ahead of the July 25-26 meeting. Market participants will take cues from the US data.
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