Gold price (XAU/USD) extends its downside and trades in negative territory for the sixth consecutive day during the early Asian trading hours on Monda
y. The renewed US Dollar demand exerts some selling pressure on USD-denominated Gold price. The precious metal currently trades near $1,846, losing 0.12% on the day. Meanwhile,, a measure of the value of the USD relative to a basket of foreign currencies, holds above 106.25 after retracing the low of 105.65 on Friday.reported on Friday that the Personal Consumption Expenditures Price Index climbed 3.5% YoY in August from 3.4% in July, meeting market expectations.
Furthermore, the US passed bills to prevent a government shutdown following Friday's session, extending funding until November 17. This, in turn, lifts the US Dollar and drags XAU/USD lower.Chair Powell’s speech could offer hints about potential interest rate hikes. Traders will take cues from these events and find trading opportunities around the gold price.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.The AUD/USD pair trades sideways below the mid-0.6400s during the early Asian session on Monday. The Australian Dollar sell-off pauses due to the upbeat Chinese PMI data. However, the stronger UD Dollar might cap the upside of the pair. The EUR/USD plummeted to 1.0487 on Wednesday, its lowest since early March, as investors continued to seek refuge in the US Dollar.
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