Concerns about a potential recession, the deteriorating relationship between the US and China, and geopolitical risks are dampening the recent positive outlook in the markets. The release of the Purchasing Managers' Index (PMI) data for July has further fueled worries of a global economic slowdown. The survey indicated a widespread drop in business activity in the manufacturing and services sectors of the Euro Zone, the UK, and the US. As a result, investors are turning to safe-haven assets like gold for some stability.
Gold price gains some positive traction during the Asian session on Tuesday and for now, seems to have snapped a four-day losing streak to over a one-week low touched the previous day. The XAU/USD currently trades around the 1,960 level, up 0.25% for the day, as traders keenly wait this week's key central bank event risks.
Gold price gains some positive traction during the Asian session on Tuesday and for now, seems to have snapped a four-day losing streak to over a one-week low touched the previous day. The XAU/USD currently trades around the 1,960 level, up 0.25% for the day, as traders keenly wait this week's key central bank event risks.
