Gold price steadies amid sticky US core PCE, Middle East tensions

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• Gold price continued to consolidate after the US core PCE inflation reading remained in line with estimates.
• The downside in the Gold price remains cushioned by escalating tensions in the Israel-Palestine conflict.
• US Yellen sees Treasury yields elevated on Fed’s “higher for longer” interest rates outlook.

Gold price (XAU/USD) trades back and forth below $1,990 as the downside is cushioned by escalating Middle East tensions while the upside is limited by more upbeat US economic data, namely robust Q3 Gross Domestic Product (GDP) and Durable Goods Orders. The precious metal failed to deliver a decisive action despite the release of the sticky Core Personal Consumption Expenditure (PCE) inflation data.