XAUUSD 05/07: Gold forecast ahead of FOMC news

XAUUSD Against the backdrop of market weakness on July 4, the USD managed to find a foothold on the back of growing recession fears, as the Fed is likely to continue on its path of rate hikes to contain inflationary. According to the latest ISM data released on Monday, the impact of the Fed tightening is worsening US business conditions, as the country's manufacturing sector shrinks further in the coming weeks.

Risk aversion capped the recent uptrend in US Treasury yields, pushing Gold prices to fresh weekly highs. However, the bears continue to lurk above the $190 mark amid resurgent US Dollar demand.

Focus also remains on Fed Minutes for fresh insights on Fed rate hike path, which will ultimately affect Gold price direction ahead of key US jobs data scheduled to be released later in the week.


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The dollar rose broadly after the release of minutes from the US Federal Reserve's latest policy meeting boosted expectations of a rate hike this month.