Gold price surged above the $2,700 mark on Thursday as the Greenback trimmed some of its earlier gains. Data from the United States (US) revealed that the economy remains solid after the release of consumer spending figures and jobs data. US bond yields fell as traders expect further easing by the Federal Reserve (Fed). At the time of writing, the XAU/USD trades at $2,715, up 0.72%.
Bullion extended its gains as market participants prepare for US President-elect Donald Trump's inauguration. The US Census Bureau revealed that Retail Sales fell short of estimates in December. However, November's data was upwardly revised, indicating consumer strength. Other data showed that the number of Americans filing for unemployment insurance jumped for the first time since December 7, 2024, and weighed on the Greenback.
The US Dollar Index (DXY), which tracks the performance of the USD against a basket of six peers, slips 0.14%, down below the 109.00 figure. Fed Governor Christopher Waller crossed the wires and was dovish, stating that the US Central Bank could lower borrowing costs sooner and faster if the disinflation process evolves. The US economic docket will remain empty throughout the rest of the day and traders will eye housing data, particularly Building Permits and Housing Starts.(AL)
Source: FXstreet
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