Gold (XAU/USD) steadies on Tuesday, halting a four-day slide after dipping to a near three-week low around $3,300 on Monday. The slight rebound comes despite a broadly risk-on mood that has kept demand for safe-haven assets subdued. Optimism around easing geopolitical tensions ahead of the August 1 deadline and a renewed push into equities have curbed upward momentum for the metal.
At the time of writing, the precious metal is trading around $3,321 during the American session, little changed on the day. Price action remains muted, with Gold oscillating in a narrow range between $3,300 and $3,330. While spot price found temporary support, its upside remains constrained by a firm US Dollar (USD), which continues to benefit from improving trade sentiment and solid economic data. With the Federal Reserve's (FED) policy decision looming on Wednesday, markets are bracing for potential shifts in tone. Although interest rates are expected to remain unchanged, any hawkish signals from Fed Chair Powell could drive US yields higher and weigh further on non-interest-bearing assets such as Gold.
Source: Fxstreet
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