Ahead of US inflation data
July inflation data from the US will be watched closely by investors next week.
Gold price registered weekly losses despite Friday's rebound.
Near-term technical outlook fails to provide a directional clue.
July inflation data from the US will be watched closely by investors next week.
What happened last week?
In the absence of high-tier data releases on Monday, investors continued to react to the softer-than-expected US Personal Consumption Expenditures(PCE) Price index data for July. The benchmark 10-year US Treasury bond yield declined below 4% and helped XAU/USD to build on last Friday's recovery gains.
Nonfarm Payrolls(NFP) in the US rose 187,000 in July, compared to the market expectation of 200,000, the US Bureau of Labor Statistics announced on Friday. June's increase of 209,000 got revised lower to 185,000. Other details of the jobs report showed that the annual wage inflation held steady at 4.4% while the Unemployment Rate ticked down to 3.5% from 3.6% in June. The USD came under selling pressure and the 10-year US yield turned south after this data, allowing Gold price to recover back above $1,940 ahead of the weekend.
XAUUSD
July inflation data from the US will be watched closely by investors next week.
Gold price registered weekly losses despite Friday's rebound.
Near-term technical outlook fails to provide a directional clue.
July inflation data from the US will be watched closely by investors next week.
What happened last week?
In the absence of high-tier data releases on Monday, investors continued to react to the softer-than-expected US Personal Consumption Expenditures(PCE) Price index data for July. The benchmark 10-year US Treasury bond yield declined below 4% and helped XAU/USD to build on last Friday's recovery gains.
Nonfarm Payrolls(NFP) in the US rose 187,000 in July, compared to the market expectation of 200,000, the US Bureau of Labor Statistics announced on Friday. June's increase of 209,000 got revised lower to 185,000. Other details of the jobs report showed that the annual wage inflation held steady at 4.4% while the Unemployment Rate ticked down to 3.5% from 3.6% in June. The USD came under selling pressure and the 10-year US yield turned south after this data, allowing Gold price to recover back above $1,940 ahead of the weekend.
XAUUSD