Gold price extends its decline amid the renewed USD demand on Wednesday.
Investors place lower bets on the potential Fed interest rate cuts in 2024.
The Fed’s (Fed) Philip Jefferson, Susan Collins, and Lisa Cook are scheduled to speak later on Wednesday.
Gold price (XAU/USD) attracts some sellers on the firmer US Dollar (USD) during the Asian trading hours on Wednesday. The hawkish remarks from Federal Reserve (Fed) officials dampen hopes for potential interest rate cuts in 2024 despite weaker-than-expected US employment reports in April. Nonetheless, safe-haven demand, fueled by geopolitical tensions and uncertainty, as well as ongoing central bank purchases, might contribute to a rally in gold.
Later on Wednesday, the Federal Reserve’s (Fed) Philip Jefferson, Susan Collins, and Lisa Cook are set to speak. The hawkish remarks from the Fed policymakers might lift the Greenback and weigh on the USD-denominated gold. Gold traders will monitor the consumer sentiment reading from the University of Michigan on Friday.
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