Gold price (XAU/USD) oscillates in a range just below the $2,300 mark during the Asian session on Thursday and consolidates its recent losses to a nearly two-week low touched the previous day. The Federal Reserve (Fed) adopted a more hawkish stance and projected only one interest rate cut in 2024 at the end of the June policy meeting. Adding to this, the recent comments from a slew of influential FOMC members suggested that the central bank is unlikely to kickstart its rate-cutting cycle anytime soon. The hawkish outlook lifts the US Treasury bond yields to over a two-week high and the US Dollar (USD) to its highest level since early May, which, in turn, is seen acting as a headwind for the non-yielding yellow metal.
Apart from this, the underlying bullish tone across the global equity markets suggests that the path of least resistance for the safe-haven Gold price is to the downside. That said, the markets are still pricing in the possibility of two rate cuts by the Fed this year in the wake of signs that inflation in the US is subsiding. This, along with persistent geopolitical tensions and political uncertainty, lends some support to the XAU/USD. Bears also seem reluctant to place aggressive bets and prefer to wait for the release of the crucial US Personal Consumption Expenditures (PCE) Price Index on Friday. In the meantime, Thursday's US economic docket might produce short-term opportunities later during the North American session.
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