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The Gold Index (XAU/USD) has slid during the New York session, down almost 1%, trading at $1,782. Earlier in the session, gold reached a fresh weekly low at $1,771 but bounced off the lows to stabilize at current levels.
Risk-off market sentiment ignited a flight towards safe-haven assets, but it failed to uplift the non-yielding metal. Concerns about high inflation still impact the markets in addition to central bank tightening, and some CEOs from US companies complain about supply shortages and high production costs hurting the market mood.
The U. S. dollar Index reached a fresh weekly high at 94.30, in turn, boosted the USD Index to reverse Thursday losses, up 0.85%, at 94.14. During some time of the day, it reached a fresh weekly high around 94.30. Contrarily, the US 10-year Treasury yield is firmly at 1.564%, unchanged throughout the day.
The U. S. Core Personal Consumption Expenditure for September, the Federal Reserve favorite gauge for inflation, rose by 3.6%, a tad lower than the 3.7% estimates.
