Gold price (XAU/USD) consolidates below the $2,000 psychological mark during the early Asian session on Monday.
Gold price remains capped below the $2,000 barrier in the Asian session on Monday. The weaker US Dollar and a pullback in US Treasury bond yields might lift the gold price. Federal Reserve Chair Jerome Powell affirmed that the Fed would maintain the rate steady at the November meeting. Market players await Chinese PMI data ahead of the Fed rate decision on Wednesday. The correction of the US Dollar and a pullback in US Treasury bond yields lend some support to the yellow 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, investors will monitor the Chinese PMI data on Tuesday. China’s Manufacturing PMI is estimated to remain in expansionary territory by growing to 50.2, while Non-Manufacturing PMI is expected to rise to 51.8.
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