XAU/USD forecast: U.S. dollar growth puts pressure on gold
Gold continued to fall on Wednesday as the U.S. dollar consolidated after falling on Monday.
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Traders are also cautious ahead of U.S. inflation data, which will be released during the North American session.
According to the latest market forecasts, the U.S. Consumer Price Index will rise to an annualized 3.6% in August, while the core CPI, which excludes volatile food and energy prices, will come in at 4.3%.
Investors are also pricing in a possible 25 basis point (bps) rate hike by the Federal Reserve at its November or December meeting.
Higher inflation is contributing to more hawkish sentiment and will boost the U.S. dollar, which in turn will put pressure on the gold market.
The DXY index, which tracks the USD against a basket of global currencies, reached 104.7, indicating further USD strength.
The XAU/USD rate is now down 0.1% at $1,912.66.
Gold is expected to continue trading in a narrow range with a downtrend until it reacts to U.S. inflation data and European Central Bank policy decisions. In addition, gold is under constant pressure from rising global geopolitical tensions and fears of an economic recession.
It is worth noting that the recent breakout from the $1,885-1,900 range may contribute to further growth in the gold price.
Further reading: What are the prospects for XPR in 2024?
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