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Gold Price Forecast: XAU/USD rebounds near $1,980 on downbeat US Dollar

October 24, 2023
in Business
Gold Price Forecast: XAU/USD rebounds near $1,980 on downbeat US Dollar
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Gold prices recover recent losses as the US Dollar corrects.
Diplomatic efforts to ease tensions in the Middle-East could challenge the safe-haven Gold.
Greenback faces challenges due to the pullback in the US Treasury yields.

Gold price recovers the recent losses, trading higher near $1,980 during the Asian session on Tuesday. The price of the precious metal receives upward support due to the correction in the US Dollar (USD), which could be attributed to the downbeat US Treasury yields.

While geopolitical tensions between Israel and Hamas typically boost demand for gold as a traditional safe-haven asset, the current risk-on sentiment is challenging gold prices. Diplomatic efforts to ease tensions in the Israel-Hamas Gaza Strip have softened market risk aversion, leading to a rebound in investor risk appetite.

The revelation about China’s intention to authorize slightly over 1 trillion yuan in additional sovereign debt issuance might serve as a bolster for Gold prices. This step aligns with the Chinese Communist Party’s strategy to boost infrastructure spending and stimulate economic growth. The approval for the extra debt issuance is anticipated to come from the standing committee of the National People’s Congress (NPC) on the final day of their meeting.

The US Dollar Index (DXY) seems set to extend its four-day losing streak, possibly influenced by downbeat US Treasury yields. The spot price bids around 105.60 at the time of writing.

The 10-year Treasury yield surged to 5.02%, marking its first time at such levels since 2007. However, it promptly reversed direction, declining to 4.85% by the press time.

Atlanta Federal Reserve President Raphael Bostic expressed skepticism about a US central bank rate cut before the middle of next year. Fed Philadelphia President Patrick Harker echoed a preference for maintaining current interest rates, while Fed Cleveland President Loretta Mester suggested that the US central bank is either at or very close to the peak of the rate hike cycle.

Moreover, as per the CME FedWatch Tool, market expectations do not anticipate a November rate hike, yet the odds for January 2024 linger above 30%.

Market watchers gear up for a week packed with key indicators. Tuesday brings scrutiny of the US S&P Global PMI, followed by a keen eye on Thursday’s Q3 Gross Domestic Product (GDP) figures. The week concludes with a focus on the Core Personal Consumption Expenditures (PCE) on Friday.

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