- The US Bureau of Economic Analysis reported on Thursday that the economy grew at a 2.8% annualized pace during the April-June period as compared to the 1.4% rise in the previous quarter and 2% anticipated.
- Further details revealed that the core Personal Consumption Expenditures Price Index – the Federal Reserve's preferred inflation gauge – decelerated to 2.9% from the 3.7% increase registered in the first quarter.
- Separately, data published by the US Department of Labor (DoL) showed that the number of individuals who filed for unemployment insurance benefits fell more-than-expected, to 235K in the week ending July 20.
- Investors cheered the US economic resilience and dented demand for traditional safe-haven assets, which, in turn, exerted heavy downward pressure on the Gold price and dragged it to the lowest level since June 9.
- The markets, meanwhile, have fully priced in a September Fed rate cut move and anticipate two more rate cuts by year-end, keeping the US Dollar on the defensive and lending support to the non-yielding yellow metal.
- Traders now look forward to the release of the June US PCE Price Index for more cues about the Fed's policy/rate-cut path before determining and positioning for the next leg of a directional move for the XAU/USD
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