People’s Bank of China’s (PBoC) rate cut and a slew of downbeat China data suggesting more stimulus from the Dragon Nation also the yields on US bonds that are making new highs push for gold to touch a strong support level at the 1900 area.
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Gold price (XAU/USD) continues to experience downward pressure, remaining at its monthly low following a four-week-long decline.
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Gold traders will keep an eye on the US Consumer Price Index (CPI) due later in the American session.
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The improvement in China's Producer Price Index (PPI), which measures factory-gate inflation, along with positive news from the Biden Administration reported by Bloomberg, has helped counter the market's previous pessimism.
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The US Dollar found support in the hawkish remarks made by US Federal Reserve (Fed) Governor Michelle Bowman, along with the rise in US Treasury bond yields.
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Friday's underwhelming release of the US Nonfarm Payrolls (NFP) data, combined with mixed signals from the Federal Reserve, caused the US Dollar to retreat from its multi-day high.
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According to the latest data from the US on Thursday, Initial Jobless Claims rose to 227,000 for the week ending on July 29, which aligned with the market consensus.
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The ADP National Employment report on Wednesday showed that private-sector employers in the United States (US) added 324K jobs in July, exceeding the anticipated 189K
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Market sentiment remains cautious after Fitch downgraded the US Long-Term Foreign-Currency Issuer Default Rating from AAA to AA+.
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