Gold posted a daily sharp drop of 0.70% during Wednesday's trading as the US dollar showed a rebound after Fed Chairman Jerome Powell's speech hinted that the US central bank is ready to ease policy.
At exactly 9.20am, the price of gold is at $2,513.11, which is up 0.34% since it opened at the beginning of trading on Thursday in the Asian session.
Meanwhile, the Wall Streets stock market traded in a losing streak ahead of Nvidia's fiscal earnings report and the USD currency position hit a three-day high of 101.15 points up 0.60% on the support of US Treasury bonds.
That sentiment caused the yellow metal to hover around $2,500 as the 10-year US yield rose two basis points to 3.841%.
The position of the gold price continued to record significant strengthening after the Jackson Hole event where he said it was time to lower borrowing costs at a time when the US inflation rate was heading towards the Fed's 2% target.
According to the World Gold Council (WGC), the XAU/USD price also benefited from a modest increase in net inflows of 8 metric tons worth $403 million led by the North American pan-continental fund.
Additionally, China's net gold imports rose by 17% in July and marked the first monthly increase since March.
For now, the market will remain busy at the end of the week awaiting important US economic data such as the Gross Domestic Product (GDP) which is expected to remain positive and the Initial Jobless Claims figure for last week.
