Gold Price Forecast: XAU/USD ticks lower on modest US Dollar strength, downside seems limited – by hareshmenghani Gold Commodities CentralBanks Recession XAUUSD
Hawkish central banks and a modest US Dollar strength act as a headwind for the metal.ticks lower on the first day of a new week and trades with a mild negative bias, just below the $1,955 level heading into the European session.
The Federal Reserve last week signalled that borrowing costs may still need to rise by as much as 50 basis points by the end of this year, which assists the US Dollar to gain some positive traction for the second successive day. In fact, the USD Index , which tracks the Greenback against a basket of currencies, looks to build on Friday's modest bounce from over a one-month low and acts as a headwind for the US Dollar-denominated Gold price.
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