Gold price (XAU/USD) remains on the defensive below a three-week high touched during the Asian session this Monday, albeit it lacks follow-through selling.
Diminishing odds for an immediate interest rate cut by the Federal Reserve (Fed) assist the US Dollar (USD) to hold steady near its highest level since June 25 and turn out to be a key factor acting as a headwind for the non-yielding yellow metal. However, the downbeat market mood offers some to the safe-haven precious metal.
The already weaker global risk sentiment took another hit from US President Donald Trump's fresh threat to impose 30% levies on products coming from the European Union (EU) and Mexico from August 1. This marks a further escalation of trade wars and helps limit the downside for the Gold price.
Traders also seem reluctant and opt to wait for the release of the latest US inflation figures for cues about the Fed's rate-cut path before positioning for the next leg of a directional move.
Source: FXStreet
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