Gold Price Forecast: XAUUSD surrenders intraday gains amid modest USD strength
Gold price struggles to preserve its modest intraday gains amid the emergence of some USD buying.
The prospects for a more aggressive major central banks also acted as a headwind for the metal.
The downside seems limited ahead of this week’s key US macro releases and the FOMC decision.
Gold price attracted some selling near the $1,728 region on Tuesday and retreated to the lower end of its daily range during the first half of the European session. The XAUUSD was last seen trading just below the $1,720 level, nearly unchanged for the day.
The US dollar staged a goodish rebound from the vicinity of its lowest level since July 5 touched the previous day, which, in turn, acted as a headwind for the dollar-denominated gold. This, along with the prospects for a more aggressive move by major central banks to curb soaring inflation, was seen as another factor weighing on the non-yielding yellow metal.
Gold price struggles to preserve its modest intraday gains amid the emergence of some USD buying.
The prospects for a more aggressive major central banks also acted as a headwind for the metal.
The downside seems limited ahead of this week’s key US macro releases and the FOMC decision.
Gold price attracted some selling near the $1,728 region on Tuesday and retreated to the lower end of its daily range during the first half of the European session. The XAUUSD was last seen trading just below the $1,720 level, nearly unchanged for the day.
The US dollar staged a goodish rebound from the vicinity of its lowest level since July 5 touched the previous day, which, in turn, acted as a headwind for the dollar-denominated gold. This, along with the prospects for a more aggressive move by major central banks to curb soaring inflation, was seen as another factor weighing on the non-yielding yellow metal.
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