Gold price (XAU/USD) attracted some dip-buyers near the $2,319-2,318 region and ended in the green at the start of a new week amid bets for a September interest rate cut by the Federal Reserve (Fed). The expectations were reaffirmed by data showing that the US manufacturing sector contracted for the third straight month in June and prices paid by factories for inputs dropped to a six-month low. This adds to signs that inflation is subsiding, which should allow the US central bank to start lowering borrowing costs. Apart from this, China's economic woes, persistent geopolitical tensions and political uncertainty in the US and Europe, offered some support to the safe-haven precious metal.
That said, a solid US Dollar (USD) recovery from a multi-day low keeps a lid on any further gains for the Gold price. Concerns that a Trump presidency would be more inflationary than a Biden administration triggered a selloff in the US fixed-income market on Monday. This, in turn, pushed the yield on the benchmark 10-year government bond to its highest level in a month, which is seen as acting as a tailwind for the USD and capping the commodity. Traders also seem reluctant and prefer to wait for more cues about the Fed's policy path before placing directional bets. Hence, the focus remains glued to Fed Chair Jerome Powell's speech later today and the FOMC minutes on Wednesday.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
