Daily Market Report
➢ Gold consolidation: XAU/USD trades sideways below $3,750 but holds above Wednesday’s swing
low near $3,715.
➢ Powell’s remarks: Fed Chair Powell signaled caution on aggressive rate cuts, supporting the USD
and weighing on gold.
➢ Rate-cut outlook: Despite Powell’s tone, markets still expect Fed cuts in October and December
after the 25-bps cut earlier this month.
➢ USD dynamics: The Dollar rallied to a two-week high, but dovish Fed expectations capped further
gains.
➢ Labor market concerns: Signs of US labor market weakness underpin expectations for continued
policy easing.
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