Gold prices (XAU/USD) faced strong selling pressure after failing to hold above the $3,400 level in Monday's Asian trading session, as optimistic market sentiment dampened demand for traditional safe-haven assets.
However, this downward pressure was contained by growing confidence that the Federal Reserve (The Fed) will continue its interest rate cutting cycle in September. This prevented the US Dollar (USD) from capitalizing on its modest recovery from last Friday's two-week low, thus providing some relief for non-yielding gold.
Furthermore, continued trade uncertainty ahead of the US tariff deadline on China also provided some support for gold prices.
Source: Newsmaker.id
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