Gold Price Forecast: XAU/USD consolidates near $1,990 amid improved risk appetite

Gold price hovers around $1,990 per troy ounce during the Asian session on Monday, struggling to continue the winning streak.

Gold price gained support as cooling US data signalsthe Fed to conclude itspolicy tightening. US Dollar faces pressure after the subdued Nonfarm Payrolls data released on Friday. Improved risk appetite could limit the advance of the precious metal demand. However, the bullion prices improved on expectations that the US Federal Reserve may conclude its monetary policy tightening after the subdued employment data from the United States .

9%, contrary to the market's expectation of holding steady at 3.8% in October. The ISM Services Purchasing Managers' Index dropped to 51.8 from the previous 53.6. On Thursday, the US Department of Labor released the tally of initial claims for unemployment benefits for the week ending October 27, revealing an increase from 212,000 to 217,000. Gold saw an uptick in demand as a safe haven amid the Israel-Hamas conflict.

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