Gold price (XAU/USD) continues losing ground for the fifth consecutive day and drops to its lowest level since September 19, around the $2,559-2,558 region as the US Dollar (USD) buying remains unabated through the Asian session on Thursday.
Hopes that US President-elect Donald Trump's policies will spur growth and stimulate inflation, and force the Federal Reserve (Fed) to pause its easing cycle remain supportive of elevated US Treasury bond yields. This, in turn, lifts the USD to its highest level since November 2023 and continues to weigh heavily on the commodity.
Furthermore, the US Consumer Price Index (CPI) report released on Wednesday pointed to a slower progress toward bringing inflation down, which could result in fewer rate cuts next year.
This, along with the recent strong bullish run in the US equity markets, contributes to driving flows away from the non-yielding Gold price and supports prospects for a further downward momentum.
Traders now look forward to the release of the US Producer Price Index (PPI) for short-term opportunities, though the focus will remain glued to Fed Chair Jerome Powell's speech later during the US session.
Source : FXStreet
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