Gold (XAU/USD) started the week on a relatively positive note, with the US dollar (USD) weighed down by a slight decline in US Treasury yields and weaker-than-expected US manufacturing figures. However, the precious metal remains close to recent lows after a 2.5% sell-off late last week.
US Treasury yields fell on Monday after a sharp rally last week, taking some of the recent bullish pressure off the US dollar. Investors appear cautious about placing directional US dollar bets as they prepare for the all-important Federal Reserve (Fed) monetary policy decision on Wednesday.
The market is almost fully pricing in a rate cut, but only a gradual easing next year. This, coupled with expectations that Donald Trump's policies will stoke inflationary pressures, is acting as a tailwind for the US dollar.
Source: FXStreet
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