XAU/USD stays pressured yesterday: Tuesday, as it dips to $1,723.2, which is a new depth this year. The money market stays in a risk-off mood during worries of a worldwide recession, while inflation keeps increasing.
Consequently, this has caused the US dollar to keep trending upwards, as more investors seek refuge in it. However, a fair market mood was delivered by the White House memorandum, which recorded the United States macroeconomic data. This includes that last month’s jobs report does not align with a recession. Also, the memo stated that the strength of the labor market positions the United States better than other nations to move to lesser inflation and smooth development.
More XAU/USD Price Factors
XAU/USD tried to recover and it is presently hovering near $1,730 as equity recovered from the initial poor sentiment. Mild profits were recorded by European Indexes, as Wall Street trades at profit for the meantime. Meanwhile, the United States Treasury yields relaxed from their every weekly height while investor anticipates US inflation numbers.
The United States will publish the Consumer Price Index tomorrow. Subsequently, this is anticipated to reflect inflation reaching a latest many-decades height of 8.8% Year on Year in last month: June. The main inflation numbers are anticipated to have regressed from 6% to 5.8%.
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