• Gold price struggles to lure buyers amid hawkish Fed expectations and the upbeat market mood.
• The Fed rate cut uncertainty keeps the USD bulls on the defensive and lends support to the metal.
• Traders keenly await the US consumer inflation figures on Tuesday before placing directional bets.

Gold price (XAU/USD) kicks off the new week on a subdued note and oscillates in a narrow trading range, just above the $2,020 level during the Asian session. The recent surge in the US Treasury bond yields, bolstered by the upbeat US macro data and hawkish rhetoric from several Federal Reserve (Fed) officials, along with a generally positive risk tone, act as a headwind for the safe-haven precious metal. The downside, however, remains cushioned in the wake of a softer US Dollar (USD), which tends to benefit the USD-denominated commodity.

Furthermore, traders seem reluctant to place aggressive directional bets in the wake of uncertainty about the likely timing and pace of Fed rate cuts in 2024. Hence, the focus will remain glued to the release of the latest US consumer inflation figures, due on Tuesday. The crucial US CPI report might provide some cues about the Fed's rate-cut path, which, in turn, will drive the USD demand and provide some meaningful impetus to the non-yielding Gold price. Heading into the key data risk, easing concerns about a further escalation of geopolitical tensions in the Middle East might keep a lid on any attempted recovery for the XAU/USD