Gold (XAU/USD) prices fell near a weekly low of $2,600 in the North American session on Monday.
The precious metal faced selling pressure as the US Dollar (USD) recovered intraday losses and turned positive, with the US Dollar Index (DXY) back above 108.00. A higher US Dollar makes Gold prices an expensive bet for market participants.
The 10-year US Treasury yield plunged to 4.55% on Monday.
Lower yields on interest-bearing assets generally weigh on non-yielding assets, such as Gold, by increasing their opportunity cost. However, the relationship appeared positive on Monday.
The outlook for Gold prices appears uncertain as the Federal Reserve (Fed) is expected to cut interest rates by a smaller amount in 2025. Fed policymakers have been pointing to a smaller number of rate cuts for next year as they are optimistic about the US economic growth.
In addition, a slowdown in the deflationary trend and better labor market conditions than previously anticipated by Fed officials are also responsible for the need for a gradual policy easing cycle.
Source: FXStreet
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