Gold price gathers strength to extend recovery amid multiple tailwinds

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• Gold price clings to gains prompted by steady monetary policy from the Fed.
• Weak US private payrolls and factory data have diminished the appeal for the US Dollar.
• The release of the US NFP would guide further action on the Gold price.

Gold price (XAU/USD) holds onto recovery prompted by a steady interest rate decision from the Federal Reserve (Fed). The precious metal aims to generate more gains in hopes that the Fed has concluded its rate-tightening campaign. Federal Reserve chairman Jerome Powell said progress was being made with inflation and whilst another rate hike was not out of the question he sounded less committed to the idea. As a consequence the US Dollar (USD) weakened and XAU/USD got a shot in the arm.