Gold price (XAU/USD) is seen oscillating in a narrow range during the Asian session on Monday and consolidating last week's strong gains to the $2,088-2,089 region, or its highest level since December 28. The US Dollar (USD) continues to be undermined by the disappointing release of the US ISM survey on Friday, which showed that manufacturing sector activity contracted more than anticipated in February. Adding to this, the less hawkish remarks by several Federal Reserve (Fed) officials reinforced bets that the US central bank will start cutting interest rates at the June policy meeting. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal.
Bulls, however, seem reluctant to place fresh bets around the Gold price and prefer to wait for more cues about the Fed's rate-cut path. Apart from this, the latest optimism over Gaza ceasefire talks further contributes to capping the upside for the safe-haven precious metal ahead of this week's important US macro releases, including the closely watched monthly employment details on Friday. Furthermore, Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday should influence the USD and provide some meaningful impetus to the XAU/USD. In the meantime, the commodity could extend the consolidative price move in the absence of any relevant data on Monday.
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