Gold price has managed to defend the key support near $2,360, consolidating weekly losses in Friday’s Asian session.
Gold price holds the bounce off the $2,350 level as Friday’s trading kicks off. US Dollar rebound falters with US Treasury bond yields, supporting the Gold price upswing. China’s economic woes remain a cause for concern while September Fed rate cut odds stay intact. Gold buyers defend 50-day SMA at $2,360 head into the monthly US PCE data release.
Odds of a BoJ rate hike next week are on the rise, with additional credence coming in from Tokyo inflation data released early Friday. Later on Friday, the annual core US PCE Price Index is expected to show an increase of 2.5% in June, a tad softer than the 2.6% booked in May. The headline annual figure is also expected to rise by 2.5% in the same period. An in-line with market expectations or a softer-than-expected US core PCE inflation print is likely to serve as a saving grace to Gold buyers.
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