Here's the update on XAUUSD today, November 2, 2023. Gold prices are trying to reach the $2,000 level again on Thursday morning as the US Dollar (USD) and US Treasury bond yields begin to recover following the Federal Reserve's (Fed) uncertain interest rate outlook and mixed US economic data.

Gold prices received support from the Fed's less hawkish announcement and the US Treasury Department's statements.

On Wednesday, gold prices saw two-way movement, rising close to $2,000 before the Fed's policy announcement, but then dropping near $1,970 as the Fed did not take the expected policy action. Although Fed Chair Jerome Powell acknowledged strong economic conditions, the market perceived it as not overly hawkish.

Additionally, the US Treasury Department's announcement regarding plans to slow the increase in long-term auction sizes also influenced US Treasury bond yields, with 10-year Treasury yields dropping sharply.

Mixed US economic data, such as weaker-than-expected private sector wage growth and a decline in the ISM manufacturing index, also impacted the movement of the US Dollar.

On Thursday, gold prices continued their earlier recovery as investors considered further developments related to Fed interest rates. There is speculation that rate hikes will decrease, and there may even be a rate cut next year.

Global stock market conditions and US Nonfarm Payroll data set to be released on Friday are also affecting gold price movements. Additionally, the Bank of England's (BoE) monetary policy announcement today is under scrutiny, with potential impacts on the Pound Sterling and US Dollar.

Despite this, gold prices remain in focus, and technical factors are influencing gold price movements.


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This is the explanation regarding "XAUUSD Today: November 2, 2023 - Approaching $2,000, Buyers Profit!" This analysis is based on fundamental and technical views from trusted sources and is not intended as advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct your own independent research regarding other forex information for reference in your trading.

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