Gold prices advanced on Thursday, reclaiming the pivotal $2,700 per ounce troy mark. This increase came as the US Dollar lost traction, significantly contributing to the rise in gold prices. The diminished US yields across the board further fueled this upward momentum, drawing attention from investors and analysts alike.
Throughout Thursday's market action, the EUR/USD pair experienced trading challenges, with bids lingering around the 1.0300 price handle. Meanwhile, the Australian Dollar faced several headwinds. The Reserve Bank of Australia's dovish shift, along with former President Trump's tariff plans and China's ongoing economic struggles, collectively exerted downward pressure on the Aussie.
On Friday, market participants found limited offerings from the economic data docket. However, they eagerly awaited statements from central bank policymakers that could provide further insights into monetary policy directions. The AUD/USD pair oscillated around the 0.6200 mark, remaining close to its over a one-week high tested the previous day. Traders also looked forward to the Chinese macro data dump expected on Friday, which could impact market dynamics.
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