Gold price (XAU/USD) recovered after a corrective move from the psychological resistance that was inspired by rising long-term US Treasury yields. The
Gold price discovered support near $1,970.00 as demand for safe-haven assets remains intact. Investors shift focus to the US Q3 GDP data that will provide an undertone for the Fed’s interest rate outlook. Fed policymakers are consistently supporting keeping interest rates unchanged. precious metal aims to recapture a five-week high as Israel-Palestine tensions keep the fears of widening Middle East conflict persistent.
Cleveland Fed Bank President Loretta Mester said that the Fed is at or near the peak of interest rates. She further added that policymakers need to be “nimble” amid current economic uncertainties. Atlantic Fed Bank President Raphael Bostic, in an interview with CNBC, said that a slowdown is coming due to higher interest rates but the economy won’t see a recession. Bostic remains confident that the central bank will get inflation under control.
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