GOLD Price Holds Steady at 13-Month High Amid Fed Policy Talks

The gold price (XAU/USD) continues to hold steady at its highest level since March 2022, reaching 2 ,040 early on Friday in Asia. The precious metal is seeking more clues to sustain its recent upward trend towards the record high of 2 ,075, which was reached in 2020.

Despite recent inaction, XAU/USD is benefiting from a softer US Dollar due to weaker US inflation signals and talk of a Federal Reserve (Fed) policy pivot. These factors have been supported by the latest data and events. The recession concerns and positive news from China, one of the world's largest XAU/USD consumers, are also contributing to the gold price's upward momentum.

The immediate direction of the gold price will depend on key data such as US Retail Sales, the Michigan Consumer Sentiment Index, and Consumer Inflation Expectations. Traders will be watching these indicators closely to gauge the future movement of XAU/USD.

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