Gold Price Rides Weakening USD Bump
The gold price has received support from the weakening US dollar and expectations that the Federal Reserve will be cautious in raising interest rates.
According to current market data, world gold prices are listed around $4,416.9 per ounce.
The recent US economic data is mixed, with lower-than-expected retail sales, cooling consumer inflation, near-sidelines producer price index, and weakening consumer sentiment reducing expectations of the Fed's ability to continue raising interest rates in September.
However, manufacturing activity in New York unexpectedly improved sharply, with the general business condition index increasing to 20.6 points, the highest level in over four years.
The market will pay special attention to the minutes of the Fed's July meeting, expected to be released in the middle of the week, and preliminary US PMI data at the end of the week may provide more signals about growth prospects and monetary policy direction.