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Gold May 07, 2024 01:10:37 PM

Gold Price Loses its Recovery Momentum Amid the Renewed US Dollar Demand

Paul Ploumis
ScrapMonster Author
Furthermore, strong central bank purchases and demand from Asian markets remain to support the precious metal in the near term.

Gold Price Loses its Recovery Momentum Amid the Renewed US Dollar Demand

SEATTLE (Scrap Monster): Gold price (XAU/USD) loses momentum on Tuesday. The downtick of the yellow metal is supported by the renewed US Dollar (USD) demand. However, the recent US Nonfarm Payrolls (NFP) data has boosted bets that the Federal Reserve (Fed) would cut interest rates later this year. The expectation of an easing cycle might lift the gold price as it makes gold a cheaper option for foreign buyers to purchase. Furthermore, strong central bank purchases and demand from Asian markets remain to support the precious metal in the near term. 

On the other hand, the signs of ongoing political tensions in the Middle East might boost the safe-haven flows and benefit the gold price. Fed Bank of Minneapolis President, Neel Kashkari, is scheduled to speak later on Tuesday. The hawkish tone from the Fed officials might support the USD and weigh on the USD-denominated gold.

Courtesy: www.fxstreeet.com

 

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