XAU/USD Surges Above $2,000 as Weakening Dollar Boosts Gold Pric
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Gold prices (XAU/USD) held above $2,000 in the early Asian trading hours on Monday. The yellow metal's rebound is driven by expectations that the United States Federal Reserve (Fed) will refrain from further interest rate hikes. At the time of writing, the gold price is trading near $2,001, down 0.04% for the day.
Meanwhile, the U.S. Dollar Index (DXY), a gauge of the USD's value against a basket of six major world currencies, has dropped to its lowest level since September at 103.40. A weaker USD is anticipated to bolster gold, priced in USD.
Private sector activity in the United States continued to grow at a slower pace in early November. The S&P Global Composite PMI remained unchanged at 50.7, while the Manufacturing PMI declined from 50.0 to 49.4, falling below the expected 49.8. The Services PMI modestly improved to 50.8 from the previous 50.6, surpassing the consensus of 50.4.
Market sentiment suggests that the Fed will adopt a more dovish stance, and there are bets that they will cut interest rates in the middle of next year, weakening the U.S. dollar further.
This weekend, gold traders will closely monitor the U.S. Gross Domestic Product (GDP) figures on Wednesday and the Personal Consumption Expenditures (PCE) inflation data on Thursday. U.S. GDP for the third quarter is expected to increase from 4.9% to 5.0%, while October's U.S. PCE is estimated to decrease from 0.4% to 0.1%.
Meanwhile, the U.S. Dollar Index (DXY), a gauge of the USD's value against a basket of six major world currencies, has dropped to its lowest level since September at 103.40. A weaker USD is anticipated to bolster gold, priced in USD.
Private sector activity in the United States continued to grow at a slower pace in early November. The S&P Global Composite PMI remained unchanged at 50.7, while the Manufacturing PMI declined from 50.0 to 49.4, falling below the expected 49.8. The Services PMI modestly improved to 50.8 from the previous 50.6, surpassing the consensus of 50.4.
Market sentiment suggests that the Fed will adopt a more dovish stance, and there are bets that they will cut interest rates in the middle of next year, weakening the U.S. dollar further.
This weekend, gold traders will closely monitor the U.S. Gross Domestic Product (GDP) figures on Wednesday and the Personal Consumption Expenditures (PCE) inflation data on Thursday. U.S. GDP for the third quarter is expected to increase from 4.9% to 5.0%, while October's U.S. PCE is estimated to decrease from 0.4% to 0.1%.
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