Gold prices keep declining
Gold prices (XAU/USD) are fell on Tuesday due to a stronger US Dollar (USD) and rising US Treasury bond yields.
However, expectations that the US Federal Reserve may cut interest rates in September could support gold prices, as lower rates decrease the opportunity cost of holding non-yielding gold, News.Az reports citing foreign media.Additionally, ongoing geopolitical tensions in the Middle East might drive demand for safe-haven assets like gold.
Looking ahead, the Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers Index (PMI) will be published on Tuesday. The highlight for this week will be the US Nonfarm Payrolls (NFP) for August, which might determine the pace of the interest rate cut by the Fed and could influence the Gold price in the near term.
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