Gold price (XAU/USD) picks up bids to reverse the previous day’s pullback from an all-time high. In doing so, the precious metal benefits from the softer US Dollar and the market’s cautious optimism as traders prepare for the key US Consumer Price Index (CPI) and Producer Price Index (PPI) details after getting mixed feelings from Friday’s Nonfarm Payrolls (NFP). Also adding strength to the XAU/USD run-up could be the US Dollar’s weakness amid firmer US equities and downbeat yields, especially amid looming default fears and skepticism about the banking environment.
Elsewhere, hawkish commentary from the ECB policymakers and likely drama about the US debt ceiling extension, as well as recession fears, also exert downside pressure on the US Dollar and propel the Gold price.
It’s worth noting, however, that holidays in the UK and France limit the Gold price run-up ahead of the $2,045 resistance confluence.
Also read: Gold Price Forecast: XAU/USD bulls look to $2,050 again ahead of critical United States data
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