Gold Price Forecast: XAU/USD eases to $1,960 ahead of US inflation, Fed announcements Gold XAUUSD Fed Inflation RiskAversion
e Gold price positions for the US Federal Reserve no rate hike decision, especially after the last weeks’ downbeat United States data.
During the last week, downbeat prints of the US activity numbers for May joined disappointing employment clues to weigh on the US Dollar, despite looming economic fears. That said, the latest United States Initial Jobless Claims jumped to the highest levels since September 2021 whereas the US ISM Services PMI, S&P Global PMIs and Factory Orders also printed softer outcomes for May and pushed back theThat said, US Dollar Index dropped in the last two consecutive weeks to 103.
With this, market players placed higher bets on the US Federal Reserve’s no rate change decision in its June 13-14 policy meeting. That said, the CMEGroup's Fedwatch tool suggests around 72% change of the Fed rate being unchanged to 5%-5.25% range. However, Tuesday’s US Consumer Price Index data appears crucial for May appears crucial to determine the Fed decision as the United States central bank has always shown readiness to tame the inglation with “whatevet it takes” attitude. “US May CPI data will be published just ahead of the FOMC decision and that is adding some uncertainty to the immediate call – a strong core print could force the FOMC’s hand. The median market estimate expects that core inflation rose 0.
Hence, the Gold price remains on the bull’s radar amid the Federal Reserve concerns but cautious mood ahead of this week’s key US data, monetary policy meetings challenge the Gold buyers.
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