Gold Price consolidates around $1,760

Gold, erasing yesterday’s gains touching 1767.27, is losing 0.31%. Gold is trading at $1,757.44 during the New York session.

The XAU/USD price action in the last week has been dull. The yellow metal keeps trading within the $1,745 – $1,769 range, with no intention of going beyond the traditional territory.

The market sentiment is in favour of the USD over eased investor’s concerns about the U. S. debt ceiling. The bipartisan solution, although short-term, stirred relief in investors, particularly with paralleling relief regarding Russia’s intention to ease the European energy crisis.

Investors are still worried about high inflationary pressures, one day before the announcement of awaited jobs data. Therefore, gold price is caught between U. S. dollar and energy fluctuations.