Gold Price Forecast: XAU/USD trades with modest losses above $2,000, downside seems limited – by hareshmenghani Gold Commodities Recession Fed XAUUSD
Hawkish Federal Reserve expectations drive some flow away from the non-yielding metal.struggles to capitalize on the previous day's modest uptick and comes under some renewed selling pressure on Tuesday. The XAU/USD, however, manages to bounce off the daily low and hold above the $2,000 psychological mark through the first half of the European session.
Apart from this, signs that the post-COVID recovery in China - the world's second-largest economy - is losing steam temper investors' appetite for perceived riskier assets.The anti-risk flow, along with concerns about the US debt ceiling, trigger a fresh leg down in the US Treasury bond yields, which is seen weighing on the US Dollar for the second successive day. A weaker Greenback lends additional support to the US Dollar-denominated Gold price.
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