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Mixed US data, drop in bond yields lure spot gold buyers

Gold Price stays defensive within multi-day-old falling wedge after snapping four-week downtrend.

Mixed United States data, pullback in Treasury bond yields lure XAU/USD buyers within bullish chart pattern.

Federal Reserve Chairman Jerome Powell, other policymakers defend hawkish bias but cite data dependency to prod Gold bears.

Fed’s preferred inflation gauge, NFP will guide US Dollar and can favor XAU/USD rebound on downbeat outcomes.

Gold Price (XAU/USD) edged higher to around $1,915 as it defends the first weekly gain in five while marking no major surprises to begin the trading week. That said, the XAU/USD cheered a pullback in the United States Treasury bond yields, as well as the mixed statements from the major central bank officials at the annual Jackson Hole Symposium, to recall the buyers after their four-week absence. However, the cautious mood ahead of this week’s top-tier inflation and employment clues from the United States prods the Gold Price upside amid the initial hour of Monday’s Asian session.

Gold Price cheered a pullback in the United States Treasury bond yields despite hawkish Federal Reserve (Fed) remarks in the last week. Additionally, mixed US data also allowed the XAU/USD buyers to remain hopeful.

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