Gold Price Forecast: XAU/USD looks set to regain $1,650 ahead of US PMI, Fed’s verdict – by anilpanchal7 Gold XAUUSD Fed RiskAppetite PMI
Mixed concerns over Fed, sluggish session allow XAU/USD traders to brace for FOMC.US data, risk catalysts could entertain traders but bears stay hopeful. grinds higher around $1,640 while snapping a two-day downtrend heading into Tuesday’s European session. In doing so, the yellow metal cheers the US dollar pullback, as well as sluggish Treasury yields, as traders brace for today’s US PMIs for October and Wednesday’s all-important Federal Open Market Committee meeting. slides to 111.
Elsewhere, reports suggesting an increase in gold demand also underpin the XAU/USD run-up. “A report by the World Gold Council showed the global gold demand in the third quarter rose 28% from the same period in 2021, bolstered by record buying by central banks, although there was a notable contraction in investment demand,” stated Reuters.
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