Gold Held Back After US Data
Gold (XAU/USD) rebounded slightly in the European session as the US dollar weakened, but remains near a two-week low. Prices are currently around $3,343, still struggling to break through the $3,350 resistance.
The rise was restrained by rising US Treasury yields following stronger-than-expected PPI data. Expectations of a large Fed interest rate cut have diminished, thus suppressing interest in non-yielding gold.
The previous day, gold fell more than 0.50% to the $3,330 area. The market is also awaiting the US-Russia summit in Anchorage; if talks stall, safe-haven demand could increase, but if there is any peaceful progress, gold could be under pressure.
The next focus is on the Trump-Putin meeting in Alaska, which remains in the spotlight. (ayu)
Source: Newsmaker.id