Daily digest market movers: Gold price might continue to draw support from Fed rate cut bets, geopolitical risks...من Alan xi

05 Mar 2024, 20:43 · Views 102

Friday's disappointing US macro data, along with less hawkish comments by Federal Reserve officials, reaffirmed bets for a June rate cut and lifted the Gold price above the $2,100 mark on Monday.
The US Dollar, meanwhile, remain on the defensive amid firming expectations for an imminent shift in the Fed's policy stance, which, along with geopolitical risks, benefit the safe-haven metal.
Israel conducted a counter-terrorism operation – the biggest in years – in the Palestinian administrative capital of Ramallah, raising the risk of a further escalation of tensions in the Middle East.
Investors look to Fed Chair Jerome Powell's two-day testimony for more cues on the path of interest rates and important US macro data to determine the next leg of a directional move for the XAU/USD.
A rather busy week kicks off with the release of the US ISM Services PMI later this Tuesday, though the focus will remain glued to the closely watched US Nonfarm Payrolls (NFP) report on Friday.
China’s Premier Li Qiang delivered the opening remarks at the National People's Congress (NPC) annual meeting on Tuesday and said that the foundation of economic recovery is not solid yet.
Earlier Reuters reported, citing an official work report, that China will target around 5% GDP growth for 2024, though it fails to boost investors' confidence or provide any impetus to the XAU/USD.

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