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Gold slips after rally to fresh three-month high
XAU/USD was trading around $4,640 after touching an intraday low of $4,618, as a modest USD rebound and profit-taking weighed on demand.
Gold prices eased on Tuesday after hitting a fresh three-month high of $4,697 earlier in the Asian session, with traders booking some profits following the sharp run.
At the time of writing, XAU/USD was around $4,640 after falling to an intraday low of $4,618. The US Dollar also steadied, with the US Dollar Index near 99 after dropping to 98.56 last week, its lowest level since May 14.
TD Securities said the broader setup still favors gold buyers, pointing to support from developments in the US bond market. The firm noted markets are responding to US Treasury Secretary Scott Bessent's intervention that could increase Treasury buying to more than double, to $8 billion between September 9 and November 4, aimed at taming long-end yields.
Gold-backed ETFs also added support, with World Gold Council data showing global gold ETFs pulled in net inflows of $3.52 billion, or 23.6 tonnes, in the prior week. Traders are also watching the US PCE Price Index on Wednesday and a speech by Fed Chairman Kevin Warsh at the Jackson Hole Symposium on Friday.
Latest closeGold $4,432.00 ▲1.6%|Dollar index 99.64 ▼0.3%