Gold price recovered some ground on Tuesday after falling for the fourth straight day as the Greenback trimmed some of its earlier gains, which boosted appetite for the yellow metal. A drop in US Treasury yields and a soft labor market report in the United States (US) prompted investors to buy Bullion.
The XAU/USD trades at $3,330, up by 0.50% after reaching a three-week low of $3,301 on Monday and a daily low of $3,308.
The US Bureau of Labor Statistics (BLS) revealed that the Job Openings and Labor Turnover Survey (JOLTS) for June missed estimates as companies seemed reluctant to hire, spurred by tariff uncertainty. Nevertheless, trade news improved the tone as Beijing and Washington are going to continue talks over maintaining a tariff truce before it expires in two weeks, according to Bloomberg, as revealed by US Treasury Secretary Scott Bessent.
Other data showed that Consumer Confidence improved in July, according to the Conference Board (CB), though some comments from the survey showed households are struggling to find jobs
In the meantime, traders brace for the Federal Reserve's monetary policy decision, which would end on Wednesday, with the central bank expected to hold rates unchanged. Worth noting, if there are dissenters on the decision, following the latest remarks from Fed Governors Christopher Waller and Michelle Bowman.
After this, the US economic docket would be packed, with the release of Gross Domestic Product (GDP) figures, jobs data, the ISM Manufacturing PMI, and the Fed's favorite inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index.
Source: fxstreet
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