Gold Price Forecast: XAU/USD taps $1,800 mark for the first time since July 5 – by hareshmenghani Gold Commodities Recession Fed Inflation
The USD edges lower for the second straight day and offers support to the metal.Hawkish Fed expectations could cap gains ahead of the US CPI report on Wednesday.
Bulls now await sustained strength beyond the $1,800 mark amid modest US dollar weakness, which tends to underpin the dollar-denominated commodity. The New York Fed's monthly survey on Monday showed that thefor US inflation fell sharply in July. This, in turn, suggests that inflation in the US may have peaked last month, which turns out to be a key factor exerting pressure on the buck for the second straight day.
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