Gold (XAU/USD) kicks off the week on the back foot, trading with a negative tone on Monday as diminished safe-haven demand and improved risk appetite weigh on the precious metal. Hopes for progress in diplomatic efforts to ease Russia-Ukraine tensions, alongside firmer equity markets, have curbed demand for bullion, with investors shifting toward riskier assets.
At the time of writing, the metal is trading around $3,345 during the American trading session, down nearly 1.50% on the day, after last week's buyers repeatedly failed to clear the $3,400 psychological hurdle.
There's a cautious sense of optimism after fresh diplomatic moves over the weekend. US President Donald Trump announced on Friday that he will meet with Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine.
Still, any downside in Gold may be limited due to firm expectations of a September interest rate cut by the Federal Reserve (Fed). These expectations keep the US Dollar (USD) and US Treasury yields subdued, offering potential support to Gold.
According to the CME FedWatch Tool, markets are currently pricing in an 88% probability of a 25 basis-point cut next month, reflecting growing confidence in a more accommodative policy stance amid signs of a cooling labor market.
Source: Fxstreet
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