Gold (XAU/USD) prices, after posting their sharpest weekly decline in over five months, fell over 2% on Monday and fell to the lowest level since October 10 amid strong US Dollar (USD) buying.
Traders are anticipating a cautious approach from the Federal Reserve (Fed) amid hopes that US President-elect Donald Trump's policies will boost economic growth and inflation. This, in turn, remained supportive of a pickup in the US Treasury bond yields, which pushed the USD to its highest in over four months and weighed heavily on the non-yielding yellow metal.
The downward trajectory, however, stalled ahead of the $2,600 mark, amid concerns that Trump's protectionist policies will take a toll on the global economy. This, in turn, prompted some safe-haven flows and helped Gold prices hold steady during the Asian session on Tuesday. However, a meaningful recovery seems elusive in the wake of the strong bullish sentiment surrounding the USD. Traders may also choose to wait on the sidelines ahead of this week's release of US consumer inflation figures and speeches by influential FOMC members, including Fed Chair Jerome Powell.
FXStreet: Source
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