Gold (XAU/USD) prices staged a modest recovery from one-week troughs touched on Monday (16/12), albeit lacked any follow-through buying and currently trades around the $2,655 region. A modest pullback in the US Treasury bond yields kept the US Dollar (USD) investors on the defensive and offered some support to the commodity. Additionally, persistent geopolitical risks and concerns about US President-elect Donald Trump's policies kept the safe-haven precious metal underpinned.
That said, growing acceptance that the Federal Reserve (Fed) will slow the pace of its interest rate-cutting cycle, amid signs that progress in lowering inflation towards its 2% target has stalled, seemed to act as a headwind for the non-yielding Gold prices. Traders also seemed reluctant and preferred to wait on the sidelines ahead of the crucial two-day FOMC monetary policy meeting that begins on Tuesday. Nevertheless, XAU/USD, for now, seems to have halted its decline from over one-month highs touched last week.
Source: FXstreet
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