Gold price (XAU/USD) extends its steady intraday descent through the Asian session on Tuesday and drops back closer to the $3,300 mark as hopes for the potential de-escalation of US-China trade tensions undermine demand for safe-haven assets. Apart from this, the emergence of some US Dollar (USD) buying further contributes to driving flows away from the commodity. That said, a combination of factors assists the precious metal to hold comfortably above the $3,265-3,260 pivotal support.
Investors remain on the edge amid the uncertainty over US President Donald Trump's trade policies and persistent geopolitical tensions. Moreover, prospects for more aggressive policy easing by the Federal Reserve (Fed) might keep a lid on any further USD appreciation and help limit losses for the non-yielding Gold price. Traders might also opt to move to the sidelines and refrain from placing directional bets ahead of this week's key US macro releases, including the Nonfarm Payrolls (NFP) report on Friday.
Source: Fxstreet
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