Gold price (XAU/USD) loses its recovery momentum around $2,295 on Monday during the early Asian session.
Gold price trades on a softer note near $2,295 on Monday. The Nonfarm Payrolls arrived at 175K in April vs. 315K rise prior, weaker than expected. Fed’s Bowman said she remains willing to raise rates further if data shows inflation progress has stalled or reversed. Gold price loses its recovery momentum around $2,295 on Monday during the early Asian session. Investors willkeep an eye onFedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May on Friday.
After the data release, the probability of the Federal Reserve rate cut increased, with traders expecting 38 basis points of rate cuts toward the end of the year. The precious metal climbed to $2,320 due to the downbeat US economic data but erased its earlier gainsafter the hawkish remarks from the Fed. Fed Governor Michelle Bowman was hawkish in a recent interview, sayingthat she’swilling to hike rates if inflation stalls or reverses.
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