Gold price loses traction below the $1,850 mark as the US Dollar (USD) resumes its upward path.The annual Core PCE Price Index grew 3.9% vs. 4.3% prior.
The US passed bills to prevent a government shutdown following Friday's session.Traders will focus on the US ISM Manufacturing PMI, the Fed Chair Powell’s speech.
Gold price (XAU/USD) extends its downside and trades in negative territory for the sixth consecutive day during the early Asian trading hours on Monday. The renewed US Dollar (USD) demand exerts some selling pressure on USD-denominated Gold price. The precious metal currently trades near $1,846, losing 0.12% on the day. Meanwhile, the US Dollar Index (DXY), a measure of the value of the USD relative to a basket of foreign currencies, holds above 106.25 after retracing the low of 105.65 on Friday.
the US passed bills to prevent a government shutdown following Friday's session, extending funding until November 17. This, in turn, lifts the US Dollar and drags XAU/USD lower.
Gold traders will monitor the US ISM Manufacturing PMI for September due on Monday. Also, Fed Chair Powell’s speech could offer hints about potential interest rate hikes. Traders will take cues from these events and find trading opportunities around the gold price.
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