Gold price has attracted buying interest for the fourth consecutive day on Thursday, pushing it back above the $1,945 level during the Asian session. This brings it closer to a four-week high that was reached the previous day. The XAU/USD pair now has potential to continue its recovery from last week's low of around $1,885, which was its lowest level since March 13.
XAUUSD
The US Dollar (USD) is currently trading near a two-week low following disappointing macro data from the United States (US) that was released on Wednesday. This weakness in the USD is playing a role in boosting gold prices.
Specifically, Automatic Data Processing (ADP) reported that US private sector employers added only 177K jobs in August, which is significantly lower than the downwardly revised reading of 324K from the previous month and falls short of expectations for a reading of 195K.
Additionally, according to second estimates, US economic growth expanded at an annualized pace of 2.1% in Q2 compared to the originally reported growth rate of 2.4%.
Overall sentiment suggests that gold prices are benefiting from these factors and have potential for further gains as investors seek safe-haven assets amidst economic uncertainties caused by weak job market data and slower-than-expected economic growth in the US.
XAUUSD
The US Dollar (USD) is currently trading near a two-week low following disappointing macro data from the United States (US) that was released on Wednesday. This weakness in the USD is playing a role in boosting gold prices. Specifically, Automatic Data Processing (ADP) reported that US private sector employers added only 177K jobs in August, which is significantly lower than the downwardly revised reading of 324K from the previous month and falls short of expectations for a reading of 195K.
Additionally, according to second estimates, US economic growth expanded at an annualized pace of 2.1% in Q2 compared to the originally reported growth rate of 2.4%.
Overall sentiment suggests that gold prices are benefiting from these factors and have potential for further gains as investors seek safe-haven assets amidst economic uncertainties caused by weak job market data and slower-than-expected economic growth in the US.
