Gold (XAU/USD) prices moved higher during the Asian session on Tuesday and seemed to build on overnight gains from the $2,615-$2,614 area, despite lacking bullish conviction.
Expectations that US President-elect Donald Trump's proposed tariffs and protectionist policies could reignite inflation seemed to benefit the commodity's status as a hedge against rising prices. Moreover, persistent geopolitical risks stemming from the prolonged Russia-Ukraine war and tensions in the Middle East supported the safe haven precious metal.
Meanwhile, prospects of a slower pace of interest rate cuts by the Federal Reserve (Fed) in 2025 remained supportive of higher US Treasury bond yields and acted as a headwind for the non-yielding Gold prices. Additionally, the emergence of some dip-buying in the US Dollar (USD) helped cap gains for the yellow metal. Traders also seemed reluctant to place any aggressive directional bets ahead of this week's release of the FOMC minutes and the key US Nonfarm Payrolls (NFP) report on Wednesday and Friday. (AL)
Source: FXStreet
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