Gold price remained in a narrow band for the second consecutive day.

During the Asian session on Thursday, the gold price (XAUUSD) extended its consolidative price advance over the $2,300 barrier. As traders sought additional clues about the Federal Reserve’s (Fed) rate cut path before putting new directional bets. As a result, the attention will remain on major US macroeconomic data. Including the Advance Q1 GDP report due later today and the Personal Consumption Expenditures (PCE) Price Index on Friday. This will play
It has an important function in shaping. The near term price dynamics of the US Dollar (USD) and providing considerable momentum for the commodity.
Meanwhile, recent hawkish remarks by numerous Fed officials indicated. That the central bank is not in a hurry to lower interest rates.

Furthermore, stronger US consumer inflation numbers prompted. Investors to lower their forecasts for the first rate cut in September and reduce the number of rate cuts in 2024. This keeps US Treasury bond yields elevated and works as a drag on the non yielding gold price. Aside from that, fading fears of a dramatic escalation in the Middle East situation continue to restrict the safe-haven XAUUSD.

Daily Market Movers: Gold price struggles to gather momentum amid hawkish Fed’s expectations.

Investors are waiting for critical US economic data to determine.  Wen the Federal Reserve will begin decreasing interest rates, resulting in modest range bound market movement around the gold price for the second straight day on Thursday.
The first estimate, or the Advance US GDP report, is set to be released later today and is projected to reveal. That the world’s largest economy grew at a 2.5% annualized rate in the first quarter. Compared to 3.4% the previous quarter.
On Friday, the focus will shift to the Fed’s favored inflation indicator, the core Personal Consumption Expenditures (PCE) Price Index, which will have a significant impact on the XAUUSD’s near-term trend.

US Census Bureau reported on Wednesday that Durable Goods Orders increased. 2.6% in March.

The US Census Bureau reported on Wednesday that Durable Goods Orders increased. 2.6% in March, compared to the previous month’s downwardly revised 0.7% gain, while new orders excluding transportation increased 0.2%.
This follows robust US consumer inflation data and bullish remarks from Fed members, supporting predictions that the central bank will not begin its rate-cutting cycle until September and capping the non-yielding metal.
The global risk sentiment continues buoyed by fading concerns about a further escalation of geopolitical tensions in the Middle East, which is viewed as another obstacle for the safe-haven precious metal.
The US Dollar bulls appear hesitant to place aggressive wagers and remain on the defensive ahead of significant macro releases, providing some support to the XAUUSD and limiting any meaningful fall for the time being.