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Gold price (XAU/USD) struggles to build on the previous day's positive move and oscillates in a narrow range above the $2,000 psychological mark during the Asian session on Friday.
In Indonesia, quick vote polling results show current Defense Minister Prabowo Subianto has won the 2024 presidential election, avoiding run-off election uncertainty.
Economists at UBS expect the Euro (EUR) to remain stable as the Europen Central Bank (ECB) will prefer not to rush policy easing ECB remains reluctant to declare victory in the fight against inflation Persistent price pressures in services and another round of a wage-price spiral remain concerning for several members of the ECB directorate, so we think the central bank is in no hurry to cut interest rates at this point.
Markets have pushed back on expectations for the Fed cut. Economists at OCBC Bank analyze its implications for the Gold price.
- The USD Index (DXY) clinched its fifth straight week of gains.