Gold price (XAU/USD) extends upside ahead of US President Joe Biden’s visit to Israel amid deepening Middle-East tensions and the speech from Federal Reserve (Fed) Chair Jerome Powell, which is expected to provide significant guidance on interest rates. Investors hope that Powell will favor a neutral monetary policy and join other Fed officials who recently said higher bond yields are sufficient to tame inflation.
The precious metal remains upbeat even as the United States Census Bureau reported a better-than-anticipated Retail Sales report for September. Retail Sales increased 0.7% in September compared with the previous month, against expectations of a 0.3% increase, although growth remained below the 0.8% recorded in August. The increase in Retail Sales was partly driven by higher gasoline prices (Retail Sales data aren’t adjusted for inflation and thus reflect price changes). Retail Sales excluding automobiles were up 0.6% against estimates of 0.2% but failed to match the former release of 0.9%. Strong Retail sales data, one key gauge of consumer spending, suggests strength in the broader US economy. The US Dollar Index recovered strongly to near 106.50.
The precious metal remains upbeat even as the United States Census Bureau reported a better-than-anticipated Retail Sales report for September. Retail Sales increased 0.7% in September compared with the previous month, against expectations of a 0.3% increase, although growth remained below the 0.8% recorded in August. The increase in Retail Sales was partly driven by higher gasoline prices (Retail Sales data aren’t adjusted for inflation and thus reflect price changes). Retail Sales excluding automobiles were up 0.6% against estimates of 0.2% but failed to match the former release of 0.9%. Strong Retail sales data, one key gauge of consumer spending, suggests strength in the broader US economy. The US Dollar Index recovered strongly to near 106.50.
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