Gold (XAU/USD) prices struggled to gain any meaningful traction at the start of a new week and oscillated in a narrow range just below its all-time highs above the psychological $3,000 level touched on Friday. Meanwhile, the near-term bias seems tilted towards the bulls amid concerns over escalating trade tensions and its impact on the global economy. This, along with geopolitical risks, should continue to act as a tailwind for the safe-haven bullion.
Meanwhile, traders are now pricing in the possibility of the Federal Reserve (Fed) cutting interest rates multiple times this year amid a tariff-driven US economic slowdown, signs of a cooling labor market, and lower inflation. This turned out to be another factor that benefitted the non-yielding Gold prices. However, a positive risk sentiment, supported by the Chinese stimulus announced over the weekend, kept a lid on the XAU/USD pair ahead of the FOMC decision on Wednesday.
Source: FXStreet
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