Gold price continues with its struggle to make it through the $1,930 resistance zone and pulls back from a one-week high touched earlier this Monday.
The XAU/USD, however, manages to hold in the positive territory for the second successive day and trades around the $1,925 region, up just over 0.10% during the first half of the European session.
The US Dollar remains on the defensive below its highest level in more than six months touched last week and is seen as a key factor lending some support to the Gold price. Apart from this, concerns about a United States government shutdown, along with the worsening property crisis in China, underpin the safe-haven precious metal. In fact, China Evergrande Group delayed a decision to restructure its debt.
some of the employees of the struggling developer's wealth management unit were detained by police in southern China. This comes on the back of China's conservative approach to introducing more stimulus measures and tempers investors' appetite for riskier assets. The downside for the USD, meanwhile, remains cushioned as traders seem reluctant to place aggressive bets and prefer to wait for the latestupdate by the Federal Reserve . This, in turn, keeps a lid on any meaningful appreciating move for the US Dollar-denominated Gold price. The Fed is scheduled to announce the outcome of a two-day monetary policy meeting on Wednesday and is widely anticipated to maintain the status quo.
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