• Gold price bounces off a multi-week low amid subdued USD price action on Thursday.
• Bets for a regular 25 bps Fed rate cut in November should keep a lid on the XAU/USD.
• Investors now look to the release of the US CPI report for a fresh directional impetus.

Gold price (XAU/USD) edges higher during the Asian session on Thursday and for now, seems to have snapped a six-day losing streak to a nearly three-week low retested the previous day. The US Dollar (USD) enters a bullish consolidation phase as traders opt to move to the sidelines ahead of the release of the US Consumer Price Index (CPI) later today. Heading into the key data risk, some repositioning trade turns out to be a key factor lending some support to the precious metal.

Any meaningful appreciating move for the Gold price, however, seems elusive amid diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed). The expectations were reaffirmed by the September FOMC meeting minutes, which keeps the US Treasury bond yields elevated and should cap the non-yielding yellow metal. Hence, a strong follow-through buying is needed to confirm that the XAU/USD's corrective slide from the all-time peak has run its course.