Gold price (XAU/USD) trades in positive territory during the early Asian session on Monday.
Gold price posts a modest recovery around $1,940 on the consolidation of USD. The stronger-than-expected CPI data this week might raise the odds that Fed to hike the rate again in December. The fear of economic growth in China might drag the gold price lower. Gold traders will closely monitor the US inflation data on Tuesday. Gold price trades in positive territory during the early Asian session on Monday. The consolidation of the US Dollar lends some support to the precious metal.
It's worth noting that rising interest rates raise the opportunity cost of investing in non-yielding assets, implying a negative outlook for precious metals. Furthermore, concern over economic growth in China might drag the gold price lower as China is the world's largest gold producer and consumer. Last week, the Chinese CPI dropped 0.2% in October from the previous reading of 0%.
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