Gold (XAU/USD) price extends correction, sliding below the $3,300 mark at the time of writing on Tuesday amid improving risk-on mood and a stronger US Dollar (USD).
Gold extends its decline for a second day this week as the US dollar caught up with some gains and demand for haven assets cooled, with investors also weighing prospects for improving trade relations between the US and the EU after US President Donald Trump said on Sunday that he agreed to an extension on the 50% tariff deadline on the European Union (EU) until July 9.
The stronger USD gained momentum at the end of Asian trading after the Japanese Ministry of Finance (MoF) stated that its bond issuance plan might see some tweaking, with lower volumes.
This made Japanese yields collapse and saw the Japanese Yen (JPY) devalue against the US Dollar, triggering a spillover effect in favor of the Greenback against several other major currencies. A stronger US Dollar makes Gold more expensive for most buyers, and thus it is seen as a headwind.
Source: FXStreet
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