Gold price (XAU/USD) exhibits a subdued performance in Monday’s European session.
Gold price falls slightly as US yields remain firm due to diminished Fed rate cut expectations for June. The US Dollar remains subdued as upbeat China data improves risk appetite. This week, the Fed’s decision and guidance on interest rates will be keenly watched. Gold price exhibits a subdued performance in Monday’s European session. Fading expectations for the Federal Reserve reducing interest rates in the June policy meeting have strengthened yields on interest-bearing assets.
The CME FedWatch tool shows that the chance for a rate cut stands at 57%, down from the 72% recorded before the release of the inflation data. Later this week, investors will focus on the preliminary S&P Global Manufacturing PMI for March. The Manufacturing PMI is anticipated to fall to 51.7 from 52.2 in February. Technical Analysis: Gold price remains below $2,160 Gold's price has hit a fresh weekly low at around $2,145.
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