Gold price recovered from losses in the Asian session, trading upwards around $1,910 per troy ounce due to weak US Dollar (USD) pair.

The US gold market is experiencing difficulties as a result of market caution before the release of US inflation statistics. While the Core CPI is predicted to remain constant at 0.2%, the US Consumer Price Index (CPI) is forecast to rise by 0.5% month over month. These numbers may affect market sentiment and trading choices for gold denominated in USD, as well as reveal inflationary trends in the US economy.

The US Federal Reserve may raise interest rates by 25 basis points in November or December, maintaining higher rates for an extended period. This hawkishness could be reinforced by higher inflation, strengthening the dollar, and increasing gold selling pressure.

The spot price of the US Dollar Index (DXY), which is currently trading around 104.50, is expected to continue its losing trend for the fourth straight trading session. Despite this, greater US economic activity is predicted to keep the greenback strong.


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