Gold prices (XAU/USD) moved higher after the Asian session to drop to $2,644-2,643 region, or the lowest level in a week, and for now, seems to have halted its sharp decline from over a month highs reached last Thursday. The US Dollar (USD) started the new week on a weaker note amid a slight decline in the US Treasury bond yields. Moreover, geopolitical risks and uncertainty over US President-elect Donald Trump's policies turned out to be the main factors providing support for the precious metal which is a safe-haven asset.
Meanwhile, investors now seem convinced that the Federal Reserve (Fed) will take a more cautious stance on cutting interest rates next year amid signs that progress in lowering inflation towards its 2% target has stalled. This will provide a boost for US Treasury yields and the USD, which in turn, limits the upside in non-yielding Gold prices. Traders may also refrain from placing aggressive directional bets and opt to wait for the outcome of the much-anticipated two-day FOMC policy meeting on Wednesday.
Source:FXStreet
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