Gold (XAU/USD) prices moved lower during the Asian session on Thursday (11/28), albeit found some support near the $2,620 area and has now trimmed some of its intraday losses. US macro data released on Wednesday showed a still-resilient US economy and stalled inflation progress, suggesting that the Federal Reserve (Fed) may be cautious about further interest rate cuts. This, in turn, triggered a fresh leg up in the US Treasury bond yields, which helped revive demand for the US Dollar (USD) and undermined the non-yielding yellow metal.
Meanwhile, current market pricing suggests around a 70% chance that the US central bank will lower borrowing costs at its December policy meeting. Additionally, expectations that Scott Bessent – President-elect Donald Trump's nominee for US Treasury Secretary – will rein in the budget deficit could cap gains in US bond yields. This, along with concerns about Trump's threatened tariffs and geopolitical risks stemming from the worsening Russia-Ukraine conflict, provided some support to the safe-haven Gold price.
Source: FXSTreet
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