XAU surges despite positive news for DXY
The drop in jobless claims suggests the US economy is recovering well, which further strengthens the case for a lower-than-expected interest rate cut by the Federal Reserve in September.
The precious metal, which has been under pressure from the sell-off earlier this week, was further weighed down by the latest inflation report, which dampened market optimism about a September monetary policy pivot.
The US consumer price index (CPI) rose 0.2% in July, compared to a 2.9% increase in the same month last year, according to the US Department of Labor's Bureau of Labor Statistics.
Tai Wong, an independent metals trader in New York, said that a September rate cut was a certainty. However, the latest data disappointed the market by reinforcing the case for a 25 basis point cut, instead of the expected 50 basis points.
The precious metal, which has been under pressure from the sell-off earlier this week, was further weighed down by the latest inflation report, which dampened market optimism about a September monetary policy pivot.
The US consumer price index (CPI) rose 0.2% in July, compared to a 2.9% increase in the same month last year, according to the US Department of Labor's Bureau of Labor Statistics.
Tai Wong, an independent metals trader in New York, said that a September rate cut was a certainty. However, the latest data disappointed the market by reinforcing the case for a 25 basis point cut, instead of the expected 50 basis points.
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