Gold price (XAU/USD) is experiencing a period of consolidation as investors closely watch for any new developments in the ongoing tensions between Israel and Palestine. The United States has urged Israel to delay a ground assault in Gaza, prioritizing hostage release operations and the provision of humanitarian aid to civilians. Additionally, market participants are eagerly awaiting the release of significant economic indicators that will shape the Federal Reserve’s interest rate outlook.
The Gold price remains supported against the backdrop of Israel’s ongoing airstrikes in Gaza, which have resulted in a devastating loss of life and injuries. Meanwhile, long-term bond yields and the US Dollar have declined as investors hope for a pause in interest rate hikes by the Federal Reserve. Looking ahead, investors will focus on the release of Gross Domestic Product (GDP) data for the July-September quarter and the Fed’s preferred inflation gauge for September.