Here’s the update on XAUUSD news for today, November 30, 2023. Gold prices (XAU/USD) remain stagnant ahead of the European session today, staying within a narrow range below the highest level since May 5. Buyers are holding back as they await the release of the U.S. Personal Consumption Expenditures (PCE) data. The core PCE, the Fed’s benchmark for long-term inflation, is expected to influence policy and support gold.
 
Sentiment that the Federal Reserve (Fed) has finished tightening its policy is weakening the U.S. Dollar (USD), driving gold prices higher. Investors are confident that U.S. interest rates have peaked, with forecasts suggesting a possible cut in March 2024. The decline in U.S. Treasury yields and economic distress in China continue to support gold as a safe haven.
 
Market Movement Summary: Gold prices have absorbed significant increases over the past few months ahead of the U.S. PCE data release.
 
  1. Recent statements from several Federal Reserve officials signal the possibility of rate hikes, which continues to push gold prices.
  2. Fed Governor Christopher Waller hinted at a potential rate cut in the coming months, while Cleveland Fed President Loretta Mester noted clear progress in bringing inflation down to 2%.
  3. Markets are currently projecting a total rate cut of 100 basis points by the Fed in 2024, supported by further declines in U.S. Treasury yields.
  4. The yield on 10-year U.S. government bonds, which reached 5% in October for the first time in 16 years, is now near its lowest level since September 14.
  5. Additionally, the yield on two-year Treasury bonds, which are sensitive to interest rates, is at its lowest since July, further weakening the U.S. Dollar and providing support for XAU/USD.
  6. The second estimate of U.S. GDP showed an annual economic growth of 5.2% in the third quarter, surpassing the previous report of 4.9%.
  7. Optimistic macro data from the U.S. provided limited support to the USD on Wednesday, although dovish Fed expectations constrained significant recovery from multi-month lows.
  8. Recent data from the National Bureau of Statistics (NBS) indicates a decline in China’s Manufacturing PMI to 49.4 in November from 49.5 the previous month.
  9. The Non-Manufacturing PMI also fell to 50.2 in November from 50.6 prior, raising concerns about worsening conditions in the world's second-largest economy.
 
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This explanation regarding "XAUUSD Today: November 30, 2023 - Will a Dovish Fed Save Gold Prices?" is based on fundamental and technical perspectives from reliable sources and is not intended as advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct independent research regarding other forex information as a reference for your trading.
 
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