Gold (XAU/USD) prices struggled to capitalize on last week's modest recovery from one-month lows and fluctuated in a range around $2,625 during the Asian session on Monday (December 23). The US Dollar (USD) remained subdued below a two-year high touched on Friday and turned out to be a key factor acting as a tailwind for the commodity. Additionally, geopolitical risks stemming from the prolonged Russia-Ukraine war and tensions in the Middle East further supported the safe-haven precious metal.
Meanwhile, the Federal Reserve's (Fed) hawkish signal that it will slow the pace of interest rate cuts in 2025 remained supportive of the uptick in the US Treasury bond yields. This, along with a generally positive tone around the equity markets, seemed to cap gains for the non-yielding yellow metal. Hence, it would be prudent to wait for a strong follow-through buying before positioning for any further appreciating move. Traders now look forward to the release of the Conference Board's Consumer Confidence Index for near-term impetus.
Source: FXStreet
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