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Gold Price Prediction: XAU/USD falls below the $1,670 barrier before the Fed's chosen inflation gauge

Alina Haynes

Oct 28, 2022 15:18

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Gold price (XAU/USD) consolidates its second consecutive weekly gain as bears test the $1,658 mark ahead of Friday's European session. In doing so, the yellow metal traces the recent decline in commodities and Antipodean currencies against the backdrop of the dollar's recovery.

 

In spite of this, the US Dollar Index (DXY) gains bids to extend yesterday's gains to 110.65 as 10-year US Treasury yields rise to 3.94 percent. In spite of this, benchmark bond coupon yields reverse a 10-week advance, which boosted equity and gold prices earlier in the week.

 

While seeking answers, the market's nervousness ahead of the US Core PCE Price Index for September, which is anticipated to jump to 5.2% from 4.9% previously, might be viewed as significant in light of the recent pullback in hawkish Fed wagers. As buzz surrounding the Fed's easy rate hike in December intensifies, the inflation number and market wagers on the Fed's next action become increasingly significant.

 

Other than the rebound in the DXY, economic concerns about China, one of the world's largest commodity consumers, and geopolitical concerns about Ukraine impose downward pressure on the XAU/USD exchange rate. "The International Monetary Fund (IMF) lowered its economic estimates for Asia on Friday due to global monetary tightening, increasing prices blamed on the war in Ukraine, and China's rapid slowdown," said Reuters.

 

In the midst of these plays, stock futures are red, mirroring Wall Street's poor performance, as bond markets pare recent gains.

 

In a probable lively session, the US inflation data and pre-Fed worries could provide XAU/USD bears some motivation.

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