Gold price (XAU/USD) pulls back from the $3,369 region, or over a one-week top touched during the Asian session on Monday, and for now, seems to have stalled last week's goodish recovery move from a one-month low.
The US Dollar (USD) attracts some buyers at the start of a new week and reverses a part of Friday's weaker US jobs data-inspired slump amid a modest rebound in the US Treasury bond yields. This, in turn, is seen as a key factor acting as a headwind for the precious metal. Any meaningful USD positive move, however, seems elusive in the wake of the growing acceptance that the Federal Reserve (Fed) will resume its rate-cutting cycle in September.
Apart from this, concerns about the central bank's independence might contribute to capping the USD and help limit the downside for the non-yielding Gold price. Furthermore, the deployment of US nuclear submarines near Russia keeps geopolitical risks in play and offers support to the safe-haven commodity.
Source: FXstreet
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