Gold edges higher as falling yields offset Fed hawkish talk
Gold (XAU/USD) drifts higher on Thursday, up 0.25% after US jobs data was solid, while the trade deficit widened the most since US President Donald Trump's “Liberation Day.” Also, falling US Treasury yields and muted price action as investors eye Federal Reserve (Fed) Chair Kevin Warsh's speech keep
Gold edged higher on Thursday as falling yields counteracted hawkish remarks from Federal Reserve officials. The precious metal rose 0.25%, trading at $4,610, following solid US jobs data and a widening trade deficit. Meanwhile, the Federal Reserve's Kevin Warsh, who is against forward guidance, kept the focus on the upcoming Federal Reserve meetings.
Meanwhile, the US Dollar Index (DXY) stayed steady at 99.14 despite strong data releases. Analysts expect the Fed to maintain rates unchanged at the September 16 meeting, with a 68% probability, and a potential rate hike at the December meeting, with 72% odds. Gold has been climbing but hasn't broken through key resistance levels, and traders remain uncertain about its direction.
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