Elsewhere, Friday’s better-than-forecast prints of the US Nonfarm Payrolls (NFP) renew hawkish Fed bets and suggest a 0.25% rate hike by the US central bank versus previously expected inaction.
It should be noted, however, that the downbeat US Treasury bond yields and the overall weak US statistics prod the US Dollar bulls and allow the Gold buyers to remain hopeful ahead of the US Consumer Price Index (CPI) data and the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes.
While portraying the mood, the S&P 500 Futures print mild losses around 4,130, after a two-day uptrend, whereas the US 10-year and two-year Treasury bond yields remain pressured near 3.37% and 3.95% respectively. In doing so, the benchmark bond coupons extend the previous day’s losses and portray the market’s rush toward the risk-safety amid economic slowdown fears. Further, the US Dollar Index (DXY) prints mild gains around 102.20 while extending the last Tuesday’s rebound from a two-month low.
Moving on, Gold traders should pay attention to the geopolitical headlines for intraday directions while US inflation and Fed Minutes will be crucial for a clear guide afterward.
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