Gold price (XAU/USD) is experiencing positive momentum as traders reevaluate their previous concerns regarding China, leading to a return of the risk-on mood.
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The focus is on the positive US inflation data released on Friday and concerns surrounding China, which are receiving significant attention.
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Despite the release of the soft inflation and Producer Price Index (PPI) report for June, the precious metal has been unable to take advantage of the situation, indicating that household demand remains subdued and the path towards achieving the 2% inflation target remains intact.
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The latest consumer inflation figures from the United States show that the Federal Reserve is likely to hold interest rates after a small increase at the July policy meeting.
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The precious metal is gaining momentum, poised to break above $1,940.00, as the US Dollar Index (DXY) faces significant pressure amid expectations of a slowdown in the United States Consumer Price Index (CPI) data.
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Despite a slow start to the week, the price of gold (XAU/USD) continues to climb and reaches a new intraday high, building on Friday's upward movement.
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The prevailing risk-off sentiment in equity markets has boosted the price of gold, a traditional safe-haven asset.
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Gold price initially bounced but then dropped sharply to four-day lows of $1,903 due to increased demand for the US Dollar.
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In June, business activity in China's service sector grew less than expected, raising concerns about a global economic downturn.
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