Gold price trades on a stronger note on Tuesday amid the softer USD.
The hope for Fed rate cuts, rising geopolitical risks, and strong gold demand support the yellow metal.
Investors await the Fed’s Waller, Williams, Barr, Bostic, Collins, and Mester later on Tuesday.
Gold price (XAU/USD) extends the rally on Tuesday after retracing from a record high earlier. The renewed gold demand is bolstered by higher bets on interest rate cuts from the US Federal Reserve (Fed), ongoing geopolitical tensions, along with the strong demand stemming from central banks and Asian buyers.
Nonetheless, the lack of fresh catalysts in a quiet session in terms of top-tier economic data might limit the precious metal’s upside. Gold traders will take more cues from the Fedspeak, with the Fed’s Waller, Williams, Barr, Bostic, Collins, and Mester scheduled to speak later on Tuesday. The FOMC Minutes will be the highlight on Wednesday. Furthermore, the hawkish stance from Fed officials is likely to lift the Greenback and drag the USD-denominated Gold lower.
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