Gold has begun the day firm, trading just below its all-time high. Spot gold (XAU/USD) was at $2,666.52 by 9:10 GMT, after touching $2,670 yesterday.
The precious metal faced pressure on Wednesday due to a rebounding dollar, as the greenback strengthened amid ongoing speculation over the Federal Reserve’s future rate cuts following last week’s 50 basis point reduction.
Attention now shifts to Federal Reserve Chair Jerome Powell’s upcoming address, with key U.S. economic data released today and tomorrow. While recent Fed commentary has backed last week’s outsized rate cut, officials have offered mixed signals on further reductions, hinting at a data-driven approach.
Revised Q2 GDP data and weekly jobless claims are due later today, followed by PCE price index data, the Fed’s preferred inflation gauge, on Friday. Analysts expect a total rate cut of 125 bps by year-end.
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