Gold Lost Momentum, The US Dollar Tried To Rise After The FOMC Minutes!


 Gold prices are currently hovering around the $1,995 level this morning at the start of the Asian session after experiencing a slight decline yesterday to around $1,989.

An upbeat US consumer sentiment report saw US treasury yields and the US dollar recover. The gold price that broke above the $2,000 level since yesterday is now stable above the $1,990 level.

The US Dollar Index (DXY) is at 103.88 against six other world currencies. Meanwhile, the US treasury yield increased at 4.40% and affected the gold price market.

The US University of Michigan consumer sentiment survey rose to 61.3 in November from an earlier reading of 60.4. It was the fourth consecutive monthly decline. Furthermore, 1-year inflation expectations increased to 4.5% and 5-10-year inflation expectations were stable at 3.2%.

At the last FOMC meeting, the minutes of the meeting showed that all members agreed to proceed with monetary policy more cautiously and that policy decisions at each meeting would continue based on overall information and the economic outlook.

XAU/USD traders are still waiting for data from S&P Global United States this Friday for further guidance. The manufacturing PMI is forecast to rise to 49.8 and services to rise to 50.4.