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Gold price struggles for a direction as investors seek fresh development on Israel-Hamas conflicts and crucial US economic data.
The US Dollar and bond yields drop as investors await US Q3 GDP and the Fed’s preferred inflation gauge. The US Manufacturing PMI is expected to remain below the 50.0 threshold for the 12th time in a row.
Gold price drops to near Monday’s low as investors seek fresh development over Middle East tensions.
In addition to that, investors await the release of crucial economic indicators, which will shape the Fed’s interest rate outlook.
Meanwhile, upbeat US preliminary PMI data for October, reported by S&P Global, has diminished the appeal for the Gold price. The S&P Global reported that the Manufacturing PMI kisses the 50.0 threshold for the first time since November 2022.
The factory data at 50.0, outperformed expectations of 49.5 and September’s reading of 49.8. The Services PMI landed at 50.9 against expectations of 49.9 and the prior release of 50.1.
The Gold price remains underpinned, on a broader note, as Israel continues with airstrikes in Gaza, which has resulted in more than 5K deaths and 15K casualties.
Meanwhile, long-term bond yields and the US Dollar edge lower as investors hope that the Fed is done with hiking interest rates. Going forward, investors will focus on the Gross Domestic Product (GDP) data for the July-September quarter and the Fed’s preferred inflation gauge for September.
