Spot Gold pulled back from a 2-week high of $3,409.43 on Monday, as cooling geopolitical tensions surrounding the war in Ukraine weighed on the metal’s safe-haven appeal.
US President Donald Trump said on Friday he would meet Russia’s President Vladimir Putin on August 15th in Alaska to discuss an end to the conflict in Ukraine.
Meanwhile, market players awaited the key US CPI inflation data, due on Tuesday, that may provide further clues over the Federal Reserve’s monetary easing path.
“A hot print could further strengthen the dollar and cap gains on gold, though I suspect support will remain in place overall as investors seek to scoop up discounts,” City Index senior analyst Matt Simpson was quoted as saying by Reuters.
Markets are now pricing in a 90% chance of a 25 basis point rate cut in September.
Spot Gold was last down 0.88% on the day to trade at $3,367.91 per troy ounce.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
