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Gold holds below $4,200 as traders await US PCE data
Gold was trading below the $4,200 level as US Treasury yields pulled back, while traders looked ahead to the Fed's preferred PCE inflation gauge and other key US releases.
Gold held a consolidative range in European hours on Wednesday, trading below $4,200 as traders waited for fresh US economic data that could shift rate expectations, according to FXStreet.
The outlet said falling US bond yields had weighed on the US dollar after the currency touched a two-month high on Tuesday, a dynamic that provided support for non-yielding bullion.
FXStreet noted that hawkish expectations for the Federal Reserve limited gold's upside, with traders specifically focused on the release of the US Personal Consumption Expenditures (PCE) Price Index later Wednesday.
The report added that markets would also digest the final Q2 GDP print, the ISM Manufacturing PMI on Thursday, and the nonfarm payrolls report on Friday, alongside speeches from influential FOMC members for more clues on the Fed's future policy path.
Latest closeGold $4,147.50 ▼4.0%