data and firmer equities, as traders brace for a dovish hike from the US central bank.Gold price snapped a three-day downtrend and bounced off a two-week low the previous day after reported the first daily loss in four, around 102.10 by the press time. In doing so, the greenback’s gauge versus the six major currencies justified downbeat market expectations from the US Federal Reserve amid softer United States statistics.
Among them, the Employment Cost Index for the fourth quarter gained major attention as it eased to 1.0% versus 1.1% market forecasts and 1.2% prior readings. Further, the Conference Board Consumer Confidence eased to 107.10 in January versus 108.3 prior. It should be noted that no major attention could be given to the US Chicago Purchasing Managers’ Index for January which rose to 44.3 versus 41 expected and 44.9 previous readings.
Furthermore, China’s NBS Manufacturing PMI rose to 50.1 versus 49.7 market forecasts and 47.0 prior whereas Non-Manufacturing PMI also came in upbeat with 54.4 figure compared to 51.0 expected and 41.6 previous readings.Although the Gold sellers have been pushed back ahead of the key Federal Reserve Interest Rate Decision, the