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Gold prices (XAU/USD) attracted some sellers during Wednesday’s Asian trading session as the U.S. dollar (USD) strengthened. Although the U.S. jobs report for April missed expectations, hawkish comments from Federal Reserve officials dampened hopes for a potential interest rate cut in 2024. Still, geopolitical tensions and uncertainty, as well as safe-haven demand from continued central bank gold purchases, could fuel a rebound in gold.
Later on Wednesday, Federal Reserve (Fed) Philip Jefferson, Susan Collins and Lisa Cook will speak. Hawkish comments from Fed policymakers could boost the dollar and put pressure on dollar-denominated gold. Gold traders will be watching Friday’s University of Michigan consumer confidence index.
