XAU decreased after news of US economic data
World gold prices this morning reversed to decline after the latest published data showed that US business activities are still strong.
S&P Global survey results show that US business activity recovered in January 2024. The strong US economy combined with opposition from US Central Bank officials are causing some investors to reconsider betting on the timing of interest rate cuts by the US Federal Reserve (FED). ).
According to CME's FedWatch Tool, markets expect the FED to keep interest rates unchanged at its policy meeting on January 30 and 31 and has pushed back the time frame for loosening monetary policy for the first time.
Even so, the dollar fell 0.5%, making greenback-denominated bullion cheaper for overseas buyers. In addition, lower 10-year Treasury bond yields also limited the decline in precious metals.
S&P Global survey results show that US business activity recovered in January 2024. The strong US economy combined with opposition from US Central Bank officials are causing some investors to reconsider betting on the timing of interest rate cuts by the US Federal Reserve (FED). ).
According to CME's FedWatch Tool, markets expect the FED to keep interest rates unchanged at its policy meeting on January 30 and 31 and has pushed back the time frame for loosening monetary policy for the first time.
Even so, the dollar fell 0.5%, making greenback-denominated bullion cheaper for overseas buyers. In addition, lower 10-year Treasury bond yields also limited the decline in precious metals.
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