Gold price (XAU/USD) gathers strength around $2,415 during the early Asian session on Monday.
Gold price kicks off the new week on a positive notenear$2,415. The softer US inflation datahas prompted the Fed’s rate cut expectation, lifting the yellow metal. The hawkish comments from Fed officials might cap the precious metal’s upside. Gold price gathers strength around $2,415 during the early Asian session on Monday. The softer US inflation data in Aprilprovides some support tothe yellow metal.
On the other hand, the cautious approach from the Fed might cap the upside of the precious metal, as higher interest rates might well reduce overall investment demand for non-yielding gold. Last week, Fed Chair Jerome Powell said that he thinks the US central bank will need more data to gain confidence on whether inflation is steadily falling towards 2%. Also, many Fed officials emphasised the need to hold the rate higher for longer, which boosts the Greenback broadly.
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