Gold (XAU/USD) attracted some dip buyers near the $2,689 region during the Asian session on Monday (20/1) and for now, seems to have stalled its retracement slide from one-month tops touched last week. The US dollar (USD) started the new week on a weaker note and eroded part of Friday's positive move amid bets that the Federal Reserve (Fed) will cut interest rates twice this year amid signs of easing inflation in the US. This, coupled with uncertainty over US President-elect Donald Trump's tariff plans, lifted the safe-haven precious metal back above the $2,700 mark in the last hour.
Meanwhile, expectations that Trump's protectionist policies could boost inflation and force the Fed to stick to its hawkish stance might hold USD bears from placing aggressive bearish bets. This, along with easing tensions in the Middle East and hopes that Trump could ease restrictions on Russia in return for a deal to end the Ukraine war, may have helped limit gains in non-yielding Gold. Traders may also opt to wait for Trump's inauguration speech before positioning for a strong intraday move amid the US holiday marking Martin Luther King Jr. Day. (AL)
Source: FXstreet
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