Gold Price Weakness to Persist on Failure to Defend Monthly Opening Range
The price of gold remains under pressure following the US Non-Farm Payrolls (NFP) report as longer-dated Treasury yields climb to fresh monthly highs, with the precious metal on track to test the monthly low ($1660) as it carves a series of lower highs and lows.
Looking ahead, developments coming out of the US may continue to sway gold prices as the update to the Consumer Price Index (CPI) is anticipated to show the core rate increasing to 6.5% in September from 6.3% per annum the month prior, and evidence of persistent price growth may keep the Federal Reserve on track to carry out a restrictive policy as the Summary of Economic Projections (SEP) reflect a steeper path for US interest rates.
