Gold prices (XAU/USD) attracted some buyers during the Asian session on Wednesday (13/11) and for now, seems to have snapped three consecutive days of declines to the lowest level since September 20, around the $2,590-$2,589 region touched the previous day. The uptick lacked any obvious fundamental catalyst and could be attributed to some repositioning activity ahead of the US consumer inflation figures. The key data could influence expectations about the Federal Reserve's (Fed) interest rate cut path and provide a fresh directional impetus to the non-yielding yellow metal.
Ahead of the key data risk, the US Dollar (USD) entered a bullish consolidation phase following its recent uptick to its highest level since early May. This, along with concerns that US President-elect Donald Trump's protectionist tariffs will impact the global economy and a generally softer tone around equity markets, offered some support to the safe-haven Gold prices. However, XAU/USD's upside appears limited amid expectations that Trump's expansionary policies could boost inflation and limit the Fed from easing its monetary policy aggressively.
Source: FXStreet
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