Gold price rallies for the second straight day, shy of testing the $3,400 figure following the release of softer inflation and jobs data in the United States (US) as geopolitical tensions grow in the Middle East. The XAU/USD trades at $3,386 at the time of writing.
Market mood remains upbeat, following back-to-back positive inflation reports in the US, which are pressuring the Federal Reserve (Fed) to reduce interest rates as the economy has yet to show the full impact of tariffs on prices. The labor market continues to exhibit some weakness, as the number of Americans filing for unemployment claims surpassed 240,000 for the second consecutive week.
Aside from this, ABC reported that Israel is considering taking military action against Iran in the coming days. In the meantime, US Senior Advisor Steve Witkoff will meet Iranian officials this weekend in Oman.
Regarding trade policy, the US and China agreed to a framework on Wednesday, revealed the US Commerce Secretary Howard Lutnick. The agreement is pending approval from President Donald Trump and Chinese President Xi Jinping.
Ahead of this week, the US economic docket will feature the University of Michigan (UoM) Consumer Sentiment for June. Next week, traders' focus shifts to the Federal Reserve's (Fed) monetary policy meeting on June 17-18.
Source: Fxstreet
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