US Dollar has pulled back from its six-month high; contributing support for the yellow metal.Gold price extends gains on the second day, trading higher near $1,920 per troy ounce during the early trading hours of the European session on Friday. The pair is receiving upward support, likely attributed to a slight correction in the US Dollar .
China’s Retail Sales grew by 4.6%, surpassing expectations of a 3.0% increase in August and demonstrating an improvement from the previous month's 2.5% figure. Moreover, Industrial Production outperformed estimates by showing a growth rate of 4.5% in August, compared to a 3.7% rise in July. The anticipation of the Fed's dedication to a more stringent monetary policy, potentially involving additional interest rate hikes or tightening measures, is expected to discourage traders from placing bold positions on non-yield assets like yellow metal. Monetary policy decisions and the Fed's communications will remain focal points for buck movements in the near term.
Source: Digital Coin News (digitalcoinnews.net)
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