Gold (XAU/USD) prices struggled to extend modest intraday gains through the early European session on Monday (03/03), albeit managed to hold above a three-week low touched on Friday. Traders are pricing in the possibility that the Federal Reserve (Fed) will cut interest rates by a quarter percentage point twice by the end of this year amid signs of deteriorating consumer sentiment. This, in turn, failed to help the US Dollar (USD) capitalize on its three-day recovery from over two-month lows touched last week and helped revive demand for the non-yielding yellow metal.
Additionally, growing market concerns about the potential economic impact of US President Donald Trump's trade tariffs and geopolitical risks turned out to be other factors that benefitted the safe-haven Gold prices. That said, a generally positive tone around equity markets kept a lid on any further appreciating move for the bullion. Traders also seemed reluctant and preferred to wait for the release of important US macro data this week before placing fresh directional bets. This, in turn, calls for caution before confirming that the correction from the all-time high is over.(Newsmaker23)
Source: FXstreet
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