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US spot gold steady above $1,920; focus on US data

Gold price holds ground above $1,920 due to soft US Dollar (USD).The hawkish remarks made by Fed officials could affect precious metals like Gold.Upbeat 10-year US Treasury yield could provide support for the Greenback.

Gold price hovers above $1,920 during the Asian session on Monday. The prices of yellow metal snapped a losing streak on Friday as the US Dollar (USD) trimmed its intraday gains, which could be attributed to the falling in the US Treasury yields.

However, US bond yields have rebounded, with the yield on the 10-year US Treasury note appreciating to 4.45%, a 0.50% increase by the press time.

Regarding the recent data from S&P Global, business activity in the United States (US) remained nearly unchanged in September. The S&P Global Manufacturing PMI improved to 48.9 from 47.9 the previous month, surpassing expecting a reading of 48.0.

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