- A combination of supporting factors assists the Gold price to attract some buyers on the first day of a new week and snap a three-day losing streak to sub-$2,400 levels, or a one-week low touched on Friday.
- The US Dollar comes under renewed selling pressure in reaction to US President Joe Biden's exit from the presidential race on Sunday, which prompts investors to unwind some trades betting on a Trump victory.
- Vice President Kamala Harris solidified her position as the leading Democratic candidate in the Presidential race, though former President Donald Trump still remains a favorite in the betting market.
- Market participants, meanwhile, have fully priced in a September interest rate cut by the Federal Reserve, which contributes to keeping the USD bulls on the defensive and lends support to the XAU/USD.
- That said, the underlying bullish tone across the global equity markets cap gains for the safe-haven commodity as traders look to the US Personal Consumption Expenditures (PCE) Price Index data on Friday.
- The crucial inflation data will influence expectations about the Fed's rate-cut path, which, in turn, will drive USD demand in the near term and provide a fresh directional impetus to the commodity.
- Furthermore, this week's release of flash PMIs should provide cues about the health of the global economy and provide some impetus to the metal, allowing traders to grab short-term opportunities
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