Gold sticks to US politics-inspired modest intraday gains above $2,400 mark
The post Gold sticks to US politics-inspired modest intraday gains above $2,400 mark appeared on BitcoinEthereumNews.com.
Gold price attracts some buyers and snaps a three-day losing streak amid modest USD weakness. The US political development prompts some unwinding of the ‘Trump trade’ and weighs on the buck. September Fed rate cut bets further undermine the USD and benefit the non-yielding XAU/USD. Gold price (XAU/USD) gains some positive traction during the Asian session on Monday and for now, seems to have stalled a three-day-old corrective decline from the all-time peak touched last week. Against the backdrop of bets for an imminent start of the Federal Reserve’s (Fed) rate-cutting cycle in September, the US political development over the weekend prompts fresh selling around the US Dollar (USD) and benefits the precious metal. Apart from this, worries about the US-China trade battle, along with geopolitical risks stemming from the protracted Russia-Ukraine war and the ongoing conflicts in the Middle East, turn out to be another factor lending support to the safe-haven Gold price. The uptick, however, lacks bullish conviction as investors seem reluctant and prefer to wait for more insights about the Fed’s policy path before positioning for the next leg of a directional move. Daily Digest Market Movers: Gold price draws support from US politics, Fed rate cut bets and softer USD A combination of supporting factors assists the Gold price to attract some buyers on the first day of a new week and snap a three-day losing streak to sub-$2,400 levels, or a one-week low touched on Friday. The US Dollar comes under renewed selling pressure in reaction to US President Joe Biden’s exit from the presidential race on Sunday, which prompts investors to unwind some trades betting on a Trump victory. Vice President Kamala Harris solidified her position as the leading Democratic candidate in the Presidential race, though former President Donald Trump still remains a favorite…
Filed under: News - @ July 22, 2024 2:20 am