Gold Price Forecast: XAU/USD regains its poise on broad US Dollar’s weakness

XAU/USD Current price: $2,351.39 United States wholesale inflation was hotter than expected in April. Fed eral Reserve Chair Jerome Powell smashed the odds for a soon-to-come rate cut. XAU/USD timidly advances, the bullish momentum is still missing. Spot Gold advanced towards the $2,350 region mid-Tuesday, ticking north on the US DollarDollar'sess. XAU/USD picked at $2,356.96 following the release of the United States Producer Price Index data.

Fed Chairman Jerome Powell spoke at a moderated discussion with De Nederlandsche Bank President Klaas Knot at the Foreign Bankers' Association's General Meeting in Amsterdam and delivered quite a hawkish message. Powell said the economy has been performing well due to a very strong labor market. He also noted the labour market continues to rebalance but remains strong, adding policymakers need to be patienton inflation. Confidence in inflation moving back down is lower than it was.

Gold Recommended Fed Inflation

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