The Gold price recovers its recent losses in Monday’s Asian session.
Disappointing US employment reports and risk-off sentiment continue to support the yellow metal.
Investors await the release of US ISM Services PMI for July, which is due on Monday.
Gold price (XAU/USD) gains traction on Monday on the softer Greenback. Markets are still digesting the FOMC’s dovish hold and softer US employment report. Meanwhile, the US Treasury bond yields and the US Dollar (USD) are likely to remain under pressure, which acts as a tailwind for the yellow metal. Additionally, the rising geopolitical tensions in the Middle East might continue to underpin traditional safe-haven assets like Gold.
Looking ahead, Gold traders will keep an eye on the US ISM Services Purchasing Managers Index (PMI) on Monday for fresh catalysts. The Services PMI is estimated to improve to 51.0 in July from 48.8 in June. In case of stronger-than-expected data, USD price might be lifted and cap the precious metal’s upside.
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