Gold price attracts some buying for the third successive day on Monday and steadily climbs back closer to the $1,930 supply zone during the Asian sess
ion. The XAU/USD might now be looking to build on its recent goodish rebound from the $1,900 round figure, or over a three-week low touched last Thursday and draws support from a generally weaker tone around the Asian equity markets.
Investors remain concerned about the worsening economic conditions in China and the fears were further fueled by the latest developments surrounding China Evergrande Group. The embattled developer delayed a decision to restructure its debt and some of its employees from the wealth management unit were detained in Shenzhen.
Apart from this, a mildly softer tone surrounding the US Dollar is seen as another factor lending support to the. The downside for the USD, meanwhile, remains cushioned as traders seem reluctant to place aggressive bets ahead of the crucial two-day Federal Open Market Committee policy meeting starting on Tuesday. The Federal Reserve is widely anticipated to leave interest
unchanged, though the markets are still pricing in the possibility of one more 25 basis points lift-off in November or December.remains supportive of elevated US Treasury bond yields, which act as a tailwind for the USD and might keep a lid on any further gains for the non-yielding Gold price. Traders might also refrain from placing aggressive bets and prefer to wait for fresh cues about the Fed's future rate-hike path.
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