Gold holds near June 5 high as softer Fed rate bets weigh on dollar
Gold is trading near its June 5 high after rebounding from the $4,300 area, supported by fading Fed rate hike bets that are pressuring the US dollar.
XAUUSD
Spot gold is trading close to its June 5 high after building on Friday’s bounce from the $4,300 neighborhood, which marked a one-week low. XAU/USD is seeing follow-through positive traction as receding Federal Reserve rate hike expectations undermine the US dollar.
The softer dollar backdrop is helping support the metal early in the new trading week. Traders are focused on whether gold can hold above the $4,300 zone and retest the recent high.
With Fed tightening bets fading, the short-term tone for gold remains supported while the dollar stays on the back foot.
Source: FXStreet Forex News