Gold prices posted solid gains on Monday as the US Dollar weakened during the North American session despite positive news regarding US-China trade talks. A retracement of US Treasury bond yields underpins the golden metal, which trades at $3,329 a troy ounce at the time of writing.
An improvement in risk appetite was not an excuse for Bullion buyers to extend the XAU/USD uptrend despite the reduced demand for safe haven assets. A Wall Street Journal article mentioned that US President Donald Trump granted some flexibility on export controls to US Treasury Secretary Scott Bessent as talks between the US and China got underway on Monday.
Easing tensions between Washington and Beijing could undermine the appeal of Gold. However, if US Treasury bond yields continue to drop, this would put a lid on Bullion's fall.
The US Dollar Index (DXY), which tracks the US Dollar's performance against a basket of six currencies, falls by 0.25% to 98.95, making the US Dollar-denominated asset more expensive for foreign buyers.
Geopolitical tensions remain high as Russia claimed control of territory in Ukraine's east-central region. An escalation of the conflict could push Gold prices higher, clearing the path to test $3,350 in the short term.
Ahead this week, traders are eyeing the release of the latest US Consumer Price Index (CPI) report, followed by the Producer Price Index (PPI), jobs data, and the University of Michigan (UoM) Consumer Sentiment survey.
Source: Fxstreet
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