Gold (XAU/USD) prices maintained its bid tone through the Asian session and is currently trading just above the near two-week low touched on Tuesday morning.
The renewed optimism fueled by US President Donald Trump's announcement that a ceasefire has been brokered between Iran and Israel turned out to be a key factor that dented the demand for the precious metal as a safe haven.
However, the prevalent selling bias in the US Dollar (USD) could provide some support to the commodity and help limit further losses.
Mixed US PMI data and dovish remarks from Federal Reserve (Fed) officials fuelled speculations about a possible interest rate cut in July.
This, coupled with US fiscal concerns and uncertainty surrounding Trump's trade policies, dragged the USD away from over one-week highs touched on Monday and acted as a tailwind for Gold prices. This might hold XAU/USD market players from placing aggressive bets ahead of the US data and Fed Chair Jerome Powell's testimony before Congress. (alg)
Source: FXstreet
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