Gold price (XAU/USD) remains depressed through the early European session on Monday, though it lacks follow-through selling and holds comfortably above the $3,000 psychological mark or Friday's swing low.
The global risk sentiment gets a minor lift in reaction to reports that US President Donald Trump's reciprocal tariffs would be narrower and less strict than initially feared.
This is evident from a generally positive tone around the equity markets and turns out to be a key factor undermining the safe-haven precious metal.
Meanwhile, the US Dollar (USD) struggles to capitalize on a three-day-old recovery from a multi-month low amid expectations that a tariff-driven US economic slowdown could force the Federal Reserve (Fed) to resume its rate-cutting cycle soon.
This, along with geopolitical risks, acts as a tailwind for the non-yielding Gold price and helps limit the downside. Hence, it will be prudent to wait for strong follow-through selling before confirming that the XAU/USD has topped out in the near term and positioning for any meaningful corrective slide.
Source: FXStreet
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