In July, the Chinese Caixin Manufacturing PMI fell to 49.2, the lowest level since January, impacting precious metals due to China's status as a major gold consumer.
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The gold price (XAU/USD) remained relatively stable but slightly lower as investors prepared for important US employment and activity data this week.
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Gold price rebounded slightly on Friday amid concerns of a potential recession and worsening US-China relations, supporting XAU/USD.
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The Federal Open Market Committee (FOMC) raised its interest rate by 25 basis points to 5.25%–5.5%, the highest level in over 22 years.
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The price of gold is attempting to recover as investors come to terms with the Federal Reserve's (Fed) plan to raise interest rates by 25 basis points, bringing the rate to the range of 5.25% to 5.50%.
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The Asia-Pacific zone is experiencing a boost in optimism, thanks to China's stimulus measures and interventions by Beijing's central bank.
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With the major bond yields of developed countries going down, gold has become more attractive.
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The markets have recently adjusted their expectations, and now it appears that the possibility of further interest rate hikes by the Federal Reserve (Fed) is being priced out.
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The previous day saw an improvement in sentiment due to US banks expecting increased profits from higher interest rates.
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