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Gold price edges lower in Thursday’s early European session. Worries over the Fed’s independence might limit the downside for the Gold price.  The second estimate of US Q2 GDP data will take center stage later on Thursday.  The Gold price (XAU/USD) trades in negative territory during the early European trading hours on Thursday. The precious metal retreats from a three-week high near $3,400 amid a rebound in the US Dollar (USD) and some profit-taking. Concerns about the Federal Reserve’s (Fed) independence lingered after US President Donald Trump fired Fed Governor Lisa Cook over allegations of mortgage borrowing misconduct. This, in turn, underpins the Gold price as it is considered a traditional safe-haven asset.  Gold traders await the second estimate of the US Gross Domestic Product (GDP) later on Thursday. The US economy is expected to grow at an annual rate of 3.1% in the second quarter (Q2). If the report shows a better-than-estimated outcome, this could lift the Greenback and weigh on the USD-denominated commodity price. On Friday, the attention will shift to the US Personal Consumption Expenditures (PCE) inflation data for clues on interest rate cuts. Daily Digest Market Movers: Gold price drops as the US Dollar strengthens “We’ve got a lot of positive interest for gold because of that sort of issues with institutional trusts and risks about Fed’s independence,” said Kyle Rodda, Capital.com’s financial market analyst. New York Fed President John Williams on Wednesday emphasized the importance of central bank independence as Trump looks to exert control over monetary policy. US President Donald Trump stated on Monday that he has fired Fed Governor Lisa Cook, the first instance of a president firing a central bank governor in the Fed’s history.  In response, Lisa Cook said that she would file a lawsuit to prevent her ouster, adding that Trump has no authority to fire her from the central bank, and she will not resign. Markets are now pricing in nearly an 87% possibility of a 25 basis point (bps) rate cut at the Fed’s policy meeting next month, according to the CME FedWatch tool.  “If (the PCE data) is a miss showing stronger inflation, that might begin to call into question whether the Fed’s going to be able to cut interest rates in September,” said Jim Wyckoff, senior analyst at Kitco Metals. Gold sticks to bullish bias in the longer term despite profit-taking The Gold price is losing momentum on the day. The positive outlook of the precious metal remains intact, with the price being well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The 14-day Relative Strength Index (RSI) stands above the midline near 56.55, indicating that further upside looks favorable in the near term.  The immediate resistance level for Gold emerges at the upper boundary of the Bollinger Band of $3,410. A decisive break above this level could pave the way to $3,439, the high of July 23. Further north, the next hurdle is seen at $3,500, the psychological level and the high of April 22.  On the flip side, the initial support level for XAU/USD is located at $3,351, the low of August 26. Extended losses could see a drop to $3,313, the lower limit of the Bollinger Band. The additional downside filter to watch is $3,275, the 100-day EMA.  Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment,

The Indian Rupee flattens around 87.80 as the marginally lower US Dollar offsets the impact of US tariffs on India. FIIs have sold Indian equities worth Rs. 34,733.75 crores so far in August. Fed’s Williams opens the door for interest rate cuts. The Indian Rupee (INR) trades almost flat at around 87.80 against the US Dollar (USD) in opening trading hours on Thursday after a holiday on Wednesday on account of Ganesh Chaturthi. The USD/INR pair is supported by a sluggish performance from the US Dollar. However, the outlook of the Indian Rupee is under stress as Russia-linked tariffs announced by United States (US) President Donald Trump on imports from India earlier this month have become effective from Wednesday. From now onwards, goods entering the US for consumption or withdrawn from warehouses for consumption from India will be charged 50% additional duty, a move that will diminish the competitiveness of Indian products in the global market and force exporters to offer their goods at lower prices. Additionally, foreign investors have been consistently paring stakes from Indian stock markets amid trade tensions. On Tuesday, Foreign Institutional Investors (FIIs) sold equity shares worth Rs. 6,516.49 crores in equity markets. So far in August, FIIs have sold equity worth Rs. 34,733.75 crores. Consistent outflow of overseas funds from Indian markets has weighed heavily on benchmark indices. Nifty50 is down over 4% from its recent highs of 25,670 posted on June 30. Meanwhile, the Industrial Output for July has come in stronger-than-expected at 3.5%, higher than estimates of 2.1% and the prior reading of 1.5%. The Manufacturing Output grew strongly by 5.4% vs. the former release of 3.9%. Daily digest market movers: Investors await key US PCE Inflation data The US Dollar faces a slight selling pressure on Thursday, following dovish remarks on interest rates from New York Federal Reserve (Fed) Bank President John Williams in an interview with CNBC on Wednesday. At the time of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades lower to near 97.90. On Wednesday, Fed’s Williams stated the need to push interest rates close to “neutral” at some time as the “economy is going through an adjustment process.” However, he didn’t endorse an interest rate cut in the September policy meeting, but kept the door open, stating that officials want to see the upcoming data before reaching a conclusion. “Risks are more in balance. We are going to just have to see how the data plays out,” Williams said. Meanwhile, traders see an 87% chance that the Fed will cut interest rates in September, according to the CME FedWatch tool. For fresh cues on the interest rate outlook, investors await the US Personal Consumption Expenditure Price Index (PCE) data for July, which is scheduled for Friday. Economists expect the US core PCE inflation, which is the Fed’s preferred inflation gauge, to have risen at a faster pace of 2.9% on year against 2.8% in June, with monthly figures rising steadily by 0.3%. On the broader front, the outlook for the US Dollar is uncertain amid the ongoing tussle between US President Trump’s economic agenda and the Fed’s independence. Earlier this week, Trump released a letter stating Fed Governor Lisa Cook’s termination over mortgage allegations. In response, Fed’s Cook has announced that she will file a lawsuit to keep her job. Market experts have seen the event as an attack on the Fed’s independence, which would raise doubts over the safe-haven appeal of the US Dollar. Investors will naturally start to increasingly question the independence of the Fed, which would result in a steeper yield curve and a weaker dollar,” analysts at ING said, Reuters reported. The table below shows the percentage change of Indian Rupee (INR) against listed major currencies today. Indian Rupee was the strongest against the US Dollar. USD EUR GBP JPY CAD AUD INR CHF USD -0.12% -0.10% -0.24% -0.14% -0.29% -0.04% -0.30% EUR 0.12% 0.06% -0.10% 0.00% -0.15% 0.14% -0.16% GBP 0.10% -0.06% -0.18% -0.06% -0.21% 0.06% -0.20% JPY 0.24% 0.10% 0.18% 0.13% -0.10% 0.16% -0.04% CAD 0.14% -0.00% 0.06% -0.13% -0.15% 0.13% -0.06% AUD 0.29% 0.15% 0.21% 0.10% 0.15% 0.23% -0.00% INR 0.04% -0.14% -0.06% -0.16% -0.13% -0.23% -0.20% CHF 0.30% 0.16% 0.20% 0.04% 0.06% 0.00% 0.20% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Indian Rupee from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent INR (base)/USD (quote). Technical Analysis: USD/INR consolidates around 87.80 The USD/INR pair flattens around 87.80 on Thursday. The near-term trend of the pair remains bullish as it holds above the 20-day Exponential Moving Average (EMA), which trades near 87.44. The 14-day Relative Strength Index (RSI) rises above 60.00. A fresh bullish momentum would emerge if the RSI holds above that level. Looking down, the July 28 low around 86.55 will act as key support for the major. On the upside, the August 5 high around 88.25 will be a critical hurdle for the pair. Economic Indicator Core Personal Consumption Expenditures – Price Index (YoY) The Core Personal Consumption Expenditures (PCE), released by the US Bureau of Economic Analysis on a monthly basis, measures the changes in the prices of goods and services purchased by consumers in the United States (US). The PCE Price Index is also the Federal Reserve’s (Fed) preferred gauge of inflation. The YoY reading compares the prices of goods in the reference month to the same month a year earlier. The core reading excludes the so-called more volatile food and energy components to give a more accurate measurement of price pressures.” Generally, a high reading is bullish for the US Dollar (USD), while a low reading is bearish. Read more. After publishing the GDP report, the US Bureau of Economic Analysis releases

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Editors’ Picks Japan’s Tokyo CPI inflation eases to 2.6% YoY in August The headline Tokyo Consumer Price Index for August rose 2.6% YoY as compared to 2.9% in the previous month, the Statistics Bureau of Japan showed on Friday. Additionally, Tokyo CPI ex Fresh Food climbed 2.5% YoY in August against 2.5% expected and down from 2.9% in the prior month. The Tokyo CPI ex Fresh Food, Energy rose 3.0% YoY in August, 3.1% prior. AUD/USD: Extra gains appear on the cards AUD/USD advances for the third consecutive day on Thursday, climbing to two-week highs and extending its weekly recovery north of 0.6500 the figure, always on the back of the continuation of the bearish bias in the Greenback Gold edges higher, challenges $3,420 Gold’s upside impulse now picks up pace on Thursday, lifting the yellow metal to new five-week highs around the $3,420 mark per troy ounce. Indeed, the precious metal gathers extra steam bolstered by intense weakness in the Greenback, mixed US yields, and incresaing bets of a rate cut by the Fed in September. XRP price wobbles but on-chain metrics signal bullish breakout Ripple (XRP) shows signs of recovery, holding support at $3.00 on Thursday. Interest in the cross-border money remittance token has steadied over the past few days, underpinned by the futures weighted funding rate rising to 0.0090% from 0.0018% recorded on Tuesday.  AI boom or bubble? Three convictions for investors AI 2.0 = from “build it” to “prove it”: Big Tech’s AI investment is already in the hundreds of billions, but monetization remains modest. The cycle is shifting from spending on capacity to delivering productivity and revenue impact. Best Brokers for EUR/USD Trading SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you’re a beginner or an expert, find the right partner to navigate the dynamic Forex market. Read More