Gold price (XAU/USD) kicks off the new week on a weaker note and extends Friday's retracement slide from levels above the $2,000 psychological mark touched in reaction to softer jobs data from the United States (US).
Gold price drifts lower during the Asian session and retreats further from Friday’s post-NFP swing high. The USD bounces off a multi-week low amid rebounding US bond yields and weighs on the metal. Bets that the Fed is done hiking rates and geopolitical tensions should limit losses for the XAU/USD. The US Dollar attracts some buying in the wake of a modest pickup in the US Treasury bond yields and turns out to be a key factor weighing on the precious metal.
On the flip side, the $2,000 mark could act as an immediate barrier ahead of Friday's swing high, around the $2,004 area and the YTD peak, around the $2,009 region. A sustained strength beyond the latter has the potential to lift the Gold price further towards the $2,022 resistance zone. US Dollar price today The table below shows the percentage change of US Dollar against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
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