Gold price gains some positive traction for the second successive day on Tuesday and climbs to the $1,925-$1,926 area during the Asian session, or ove
The ongoing decline in the US Treasury bond yields drags the US Dollar further away from a nearly three-month top, which, in turn, is seen driving some flows towards the Gold price. In fact, the yield on the benchmark 10-year US government bond is seen extending its pullback from the highest level since November 2007 set last week and keeps the USD bulls on the defensive.
The expectations were reaffirmed by Fed Chair Jerome Powell's hawkish remarks on Friday, saying that the central bank may need to tighten the monetary policy further to curb sticky inflation. Moreover, a resilient US economy could force theto continue with its rate-hiking cycle for longer.
Traders might also prefer to wait on the sidelines ahead of this week's key US macro data, including the closely-watched monthly employment details on Friday, which should provide a fresh directional impetus to the Gold price. In the meantime, worries about the worsening economic conditions in China might continue to act as a tailwind for the safe-haven
and help limit any corrective decline. Traders now look to the Conference Board US Consumer Confidence Index and JOLTS Job Openings data for short-term opportunities.
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