Gold price (XAU/USD) attracts some intraday sellers following an Asian session uptick to the $3,372-3,373 area, though it lacks follow-through and holds above the overnight swing low.
The US Dollar (USD) looks to build on the previous day's bounce from a six-week low, which, along with a generally positive risk tone, exerts some downward pressure on the commodity. However, a combination of factors warrants some caution before positioning for an extension of the overnight pullback from a nearly four-week high.
Investors seem convinced that the Federal Reserve (Fed) will lower borrowing costs further by the end of this year amid signs of easing inflationary pressures in the US.
Adding to this, concerns about the worsening US fiscal conditions might hold back the USD bulls from placing aggressive bets and offer some support to the Gold price. Furthermore, persistent geopolitical risks and trade-related uncertainties should limit deeper losses for the safe-haven precious metal. Traders now look to the US macro data for a fresh impetus.
Source: Fxstreet
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