Gold (XAU/USD) extends its advance for a third straight session on Thursday, trading near a more than five-week high, buoyed by a softer US Dollar (USD) and subdued Treasury yields. The precious metal had come under pressure on Wednesday when a stronger Greenback limited gains, but the overnight pullback in the US Dollar, along with lower bond yields, has helped bullion regain momentum.
At the time of writing, XAU/USD is consolidating gains near the $3,411 mark as traders digest the latest United States (US) economic data. The second estimate of Q2 Gross Domestic Product (GDP) showed a 3.3% annualized expansion, beating the 3.1% forecast and up from 3.0% previously. The GDP Price Index and headline PCE Prices (prelim) both printed at 2.0%, slipping from 2.1%. Meanwhile, the preliminary Core PCE Price Index rose 2.5% QoQ, just below the 2.6% expected, while Initial Jobless Claims fell to 229,000, slightly better than the 230,000 consensus and down from a revised 234,000.
Beyond the data, broader market sentiment continues to underpin Gold, with investors turning to the metal as a hedge against concerns over the Federal Reserve's (Fed) independence amid political pressure. Persistent inflation worries in the US are also keeping bullion attractive as a store of value, while ongoing trade frictions and global growth risks add to safe-haven demand.
Source: Fxstreet
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