Gold price (XAU/USD) edges lower to $2,320 after retreating from two-week highs around $2,368 during the early Asian session on Monday.
Gold price trades on a weaker note near $2,320 in Monday’s early Asian session. The stronger US PMI data and Fed’s hawkish stance create headwinds for yellow metal. Safe-haven flows amid the Middle East geopolitical tensions might cap the Gold price’s downside. Gold price edges lower to $2,320 after retreating from two-week highs around $2,368 during the early Asian session on Monday. The stronger-than-expected US Purchasing Managers Index released on Friday weighs on the yellow metal.
Meanwhile, Fed Bank of Minneapolis President Neel Kashkari noted that it will probably take a year or two to get inflation back to 2%. The stronger US economic data and the hawkish tone of US Federal Reserve policymakers continue to support the Greenback and drag the precious metal lower. It’s worth noting that a higher interest rate generally weighs on the Gold price as it increases the opportunity cost of holding non-yielding assets.
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