Gold prices (XAU/USD) struggled for direction on Thursday, moving between small gains and losses near the $1,920 level, in a session characterized by limited volatility in the precious metal space amid modest U.S. dollar strength and subdued Treasury yields ahead of a major risk event next week: the release of the latest U.S. inflation report.
In contrast to today’s choppy price action, September has seen gold relinquish some of the gains it had accrued in late August. This retracement can be attributed to the evolving macro landscape, which has kept bond rates on an upward trajectory and propelled the broader U.S. dollar to multi-month highs in a relatively short span of time.
