Gold price is trading higher on Tuesday after rebounding from two-week lows of $2,325. The rise in the price of the yellow metal is supported by the weaker US Dollar (USD) and the safe-haven flows due to ongoing geopolitical tensions in the Middle East. However, the increase in short-term Treasury yields following hawkish Fed minutes and strong US economic data may strengthen the Greenback in the short term. Traders might choose to wait on the sidelines before the release of key US inflation data this week.
The US Conference Board’s Consumer Confidence data is scheduled for Tuesday, along with speeches from Neel Kashkari, Mary Daly, and Lisa Cook from the Federal Reserve. The US Core Personal Consumption Expenditures Price Index (Core PCE) will be the focus on Friday. With more hawkish comments from Fed officials and any signs of persistent inflation, traders might rethink the possibility of the first Fed rate cut. This could potentially boost the USD and put downward pressure on the price of gold denominated in USD.
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