Gold Price Forecast: XAU/USD consolidates around $1,960 area, just below one-week high – by hareshmenghani Gold Commodities Fed Recession XAUUSD
minor losses through the first half of the European session on Wednesday. The XAU/USD currently trades around the $1.960 level, nearly unchanged for the day and just below a one-week high touched earlier today. to over a two-month high, which, in turn, acts as a headwind for Gold price. The legislation brokered by United States President Joe Biden and House Speaker Kevin McCarthy to lift the $31.
The National Bureau of Statistics reported that China's factory activity shrank faster than expected and the official Manufacturing PMI fell to a five-month low of 48.8 in May. Furthermore, service sector activity expanded at the slowest pace in four months and the official non-manufacturing PMI fell to 54.5 in May from 56.4 previous, fueling recession fears and tempering investors' appetite for riskier assets.
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