Gold Price Forecast: XAU/USD stages mild recovery below $2,000, US PCE data eyed

Gold price rebounds to $1,985 amid lower US Treasury yields, weaker USD. The US economy showed an expansion in the third quarter. Market players will monitor the US core Personal Consumption Expenditures Price Index on Friday. yields. Gold price currently trades near $1,985, up 0.05% for the day. Meanwhile, the US Dollar Index , the value of the USD relative to a basket of global currencies, drops to 106.58 after reaching 106.90.

Yellen mentioned that the recent rise in yields is unrelated to deficits and does not portend an oncoming recession. On the contrary, it reflects the strength of the US economy. Apart from this, escalating geopolitical tensions in the Middle East may boost safe-haven assets such as gold. Across the pond, the European Central Bank left key policy rates unchanged on Thursday.

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