Gold Price Forecast: XAU/USD remains on the defensive amid reviving US Dollar demand – by hareshmenghani Gold Commodities Fed Inflation XAUUSD
AU/USD, meanwhile, remains confined well within a familiar range held over the past three weeks or so as traders seem reluctant to place fresh directional bets amid the uncertainty over the Federal Reserve's future rate hike path.The persistently strong wage growth and a slight drop in the unemployment rate pointed to still tight labor market conditions in the United States .
0% threshold. This helps revive the US Dollar demand and turns out to be a key factor acting as a headwind for the Gold price. report, however, showed on Friday that the US economy added 209K jobs in June, marking the fewest in 2-1/2 years and signalling that the job market is cooling. This could allow the Fed to soften its hawkish stance, which holds back the USD bulls from placing aggressive bets and should offer some support to the Gold price.
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