Gold Price Forecast: XAU/USD bears approach $1,980 support on First Republic woes, Fed, US NFP eyed

during the early trading hours of the key week. That said, the XAU/USD renews its intraday low near $1,986 as it bears the burden of the market’s fears emanating from First Republic Bank amid hawkish hopes from the Federal Reserve, especially after the recently firmer United States inflation clues.Gold price fails to extend the previous weekly gains as traders brace for the top-tier data/events amid holidays in China and Europe.

After witnessing an exodus of withdrawal and a slump in the First Republic's share price, the Federal Deposit Insurance Corporation calls in bids for the troubled US bank in which multiple top-tier private organizations, including JP Morgan, took part. The results are up for release and can give only knee-jerk optimism as an immediate defense of the bank by a private player isn’t a solution to the broad banking problems.

While tracing the latest shift in the market bets on the Fed, the United States statistics surrounding inflation gain major attention. In the last week, initial estimations of the US for the first quarter of 2023, also known as Advance readings, marked mixed outcomes. That said, the headline US GDP Annualized eased to 1.1% from 2.0% expected and 2.6% prior but the GDP Price Index inched higher to 4.0% on an annualized basis from 3.9% prior and 3.8% market consensus.

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