Gold price drifts lower amid improved market sentiment
The Gold price (XAU/USD) extends the decline during Asian trading hours on Monday. A trade deal reached between the US and China last week on how to expedite rare earth shipments to the US was viewed positively by markets.
The US-China trade agreement, along with the ceasefire deal between Israel and Iran boosts risk appetite and diminishes bullion's appeal as a traditional safe-haven asset.
Nonetheless, rising bets that the US Federal Reserve (Fed) will cut rates more times this year and possibly sooner than previously expected might undermine the Greenback and support the USD-denominated commodity price as a weaker USD makes Gold cheaper for foreign buyers.
Traders brace for the Fedspeak later on Monday. The Atlanta Fed President Raphael Bostic and Chicago Fed President Austan Goolsbee are scheduled to speak.
Source: FXstreet
