Gold (XAU/USD) attracts some dip-buyers near the $3,627-3,626 region during the Asian session on Monday, though it lacks follow-through and remains confined in a one-week-old range.
Rising bets for a more aggressive policy easing by the US Federal Reserve (Fed) keep the USD depressed near its lowest level since July 24 and continue to act as a tailwind for the non-yielding yellow metal. Apart from this, rising geopolitical tensions turn out to be another factor lending support to the safe-haven precious metal.
The XAU/USD bulls, however, seem reluctant to place aggressive bets and opt to move to the sidelines ahead of this week's key central bank event risks. The Bank of Canada (BoC), the Bank of England (BoE), the Fed, and the Bank of Japan (BoJ) are scheduled to announce their decisions this week.
The focus, meanwhile, will remain glued to the outcome of a two-day FOMC meeting. Investors will look for cues about the Fed's rate-cut path, which will drive the USD and provide a fresh directional impetus to the Gold price.
Source: FXstreet
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