Gold price (XAU/USD) meets with a fresh supply during the Asian session on Wednesday and erodes a part of the overnight modest gains back closer to the $2,040-2,042 supply zone. The precious metal, however, remains confined in a multi-day-old trading range as traders seek clarity over the timing of when the Federal Reserve (Fed) will start cutting interest rates. Hence, the focus will remain glued to this week's important US macro releases – starting with the flash PMIs later today, followed by the Advance Q4 GDP on Thursday and the Personal Consumption Expenditures (PCE) Price Index on Friday.
In the meantime, investors have been scaling back their expectations for an early interest rate cut by the Fed in the wake of a resilient US economy. Furthermore, several Fed officials last week emphasized the need for more inflation data before any judgment on interest rates could be made. This, in turn, assists the US Dollar (USD) to stand tall near its highest level since December 13 touched on Tuesday and is seen as a key factor weighing on the Gold price. That said, geopolitical tensions, along with worries about slowing economic growth in China, could lend support to the safe-haven XAU/USD.
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