Gold price (XAU/USD) gains some positive traction during the Asian session on Thursday and for now, seems to have snapped an eight-day losing streak.
Gold price recovers from a multi-month low and is supported by a combination of factors. Reduced bets for more Fed rate hikes in 2023 drag the US bond yields and the USD lower. The upside seems limited as traders might prefer to wait for the US NFP report on Friday. Gold price gains some positive traction on Thursday and sticks to its intraday gains through the early part of the European session.
The Fed is still expected to stick to its hawkish stance and keep interest rates higher for longer, which should keep a lid on any meaningful recovery for the XAU/USD. The US NFP report will now be looked upon for cues about the Fed's future rate-hike path and should help determine the next leg of a directional move for the metal.
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