- The emergence of some US Dollar dip-buying acts as a headwind for the Gold price on Tuesday, though any meaningful slide seems elusive in the wake of bets for two rate cuts by the Federal Reserve in 2024.
- The Fed projected only one interest rate cut this year as compared to three projected in March, allowing the US bond yields to recover a part of last week's downfall and assisting the USD to regain positive traction.
- Moreover, Philadelphia Fed President Patrick Harker said on Monday that keeping rates where they are for a bit longer will get inflation down and mitigate upside risks, undermining the non-yielding yellow metal.
- Meanwhile, data released on Friday showed that US import prices fell for the first time in five months in May, which, along with weaker US consumer and producer prices, suggested that inflation in the US is subsiding.
- This keeps hopes alive for the first rate cut by the Fed in September and another in December, warranting some caution before positioning for the resumption of the commodity's recent pullback from the all-time peak.
- Investors now look forward to Tuesday's US economic docket – featuring the release of Retail Sales and Industrial Production data – for short-term trading opportunities later during the early North American session.
- Apart from this, speeches by a slew of influential FOMC members will play a key role in driving the USD demand, which, along with the broader risk sentiment, should provide some impetus to the precious metal.
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