Gold has recorded a bullish price movement on Thursday despite the US economy remaining resilient after the Gross Domestic Product (GDP) figures pushed the USD currency to strengthen.
At 8.20 am, the price of gold was at $2,519.18 which is a slight drop of 0.09% since it opened in the Asian trading session on Friday morning.
The price is close to breaking the all-time high by reaching the daily peak position at $2,528.
However, market sentiment for XAU/USD remains positive as investors remain focused on the confidence of the Federal Reserve (Fed) to implement interest rate cuts ahead of the September meeting.
In addition, the US Bureau of Economic Analysis revealed that the country grew in the second quarter of 2024 above the initial release and this raised the Personal Consumption Expenditure (PCE) Price Index Deflator to be more prominent.
The US Department of Labor revealed that the expected unemployment figure was reduced and this is a potential relief for the Fed to immediately ease policy calmly.
At 8.30pm on Friday, the Fed's preferred gauge of inflation, the core Personal Consumption Expenditure (PCE) Price Index, will be published and it is expected to rise 10% higher according to consensus.
