Gold bounced up from $1,642 lows and returned to the $1,665 area. Gold is trading at $1,666 at the time of writing.
Gold futures are retracing previous losses during Thursday\u2019s US trading session, favoured by a broad-based USD pullback. The precious metal has bottomed at a two-week low of $1,642 before returning to 4 1,670 before sliding to $1,666.
The US dollar is losing ground after the bullish reaction triggered by the release of US CPI data that has beaten expectations of a 0.2% rise, which boosted hopes of a 100 basis point rate hike by the Federal Reserve in November.
Federal Fund Futures priced in a 13% chance that the Federal Reserve could accelerate its hiking pace at the next month\u2019s meeting. The Dollar Index (DXY) rushed higher, to hit a session high right below 114.00, nearing the recent 20-year high of 114.70.
The US dollar seems to have lost steam, as the market confronts the data with the slight dovish tilt observed in September\u2019s FOMC minutes released on Wednesday.
The precious metal has reversed losses on Thursday, yet, the near-term bias remains negative, with the pair capped below October 11 high at $1,685.
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Gold bounced up from $1,642 lows and returned to the $1,665 area. Gold is trading at $1,666 at the time of writing. Gold futures are retracing previous losses during Thursday\u2019s US trading session, favoured by a broad-based USD pullback. The precious metal has bottomed at a two-week low of $1,642 before returning to 4 1,670 …<\/p>\n","protected":false},"author":13,"featured_media":61161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6978,6885,6874],"class_list":["post-73964","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-cpi","tag-fed","tag-gold"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=73964"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73964\/revisions"}],"predecessor-version":[{"id":73969,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73964\/revisions\/73969"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61161"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}