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US spot gold struggles to capitalize on its modest uptick

Gold price struggles to capitalize on its modest intraday move up to the $1,985 region. Hopes for more stimulus from China boost investors' confidence and act as a headwind..Bets that the Fed is done raising rates undermine the US Dollar and should lend support.

Gold price (XAU/USD) meets with some supply following an intraday uptick to the $1,985 area on Monday and drops to the lower end of its daily trading range during the first half of the European session. Investors turned optimistic after Chinese officials vowed to roll out more policy support for the country’s beleaguered real estate sector. This, in turn, is seen as a key factor undermining the safe-haven precious metal, though the downside seems cushioned.

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