XAU/USD climbs to $1920 on weak US Dollar, post US data

Gold buyers stepped in around $1901 and lifted the yellow metal amidst an offered US Dollar.
Weak US economic data revealed on Wednesday increased the likelihood of a US recession.
Sentiment remains dampened, although US unemployment claims edged lower.
Federal Reserve officials continued to express the need to lift rates above 5%.

Gold price snaps two days of losses and grinds higher on Thursday, lifted by a weak US Dollar (USD) and a dampened market mood, as Wall Street opened with losses. Soft US economic data released on Wednesday sounded the alarms of an upcoming recession amidst a high inflation environment. Therefore, the XAU/USD is trading at 1921.54, above its opening price by 0.95%.

Gold rises after US economic data and weakening USD

Before the US cash equity markets opened, the US Department of Labor revealed that Initial Jobless Claims for the week ending…

Read more…

Request a Call Back

Contact Info