Gold (XAU/USD) prices maintained its bid tone heading into the European session, albeit lacked any follow-through as traders opted to wait for more cues on the Federal Reserve's (Fed) interest rate hike path before placing any directional bets. Hence, the focus would remain on the outcome of the two-day FOMC policy meeting on Wednesday, which would play a key role in influencing the near-term US Dollar (USD) price dynamics and provide some meaningful impetus to the non-yielding yellow metal.
Meanwhile, US President Donald Trump's erratic trade policies kept investors on their toes. Moreover, the prolonged Russia-Ukraine war and escalating Middle East conflicts kept geopolitical risks in check, which in turn, acted as a tailwind for the safe-haven Gold prices. Meanwhile, the US Dollar (USD) remained depressed below multi-week highs amid economic uncertainties and speculations of a Fed rate cut. This seemed to further support the XAU/USD pair.
Source: FXStreet
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