Gold Price Pares Intraday Gains, Tries To Break $1,725-26 Barrier

 

The price of gold is off to a strong start for the new week and is moving away from a low reached the previous week over a year old. On the other hand, the intraday increase did not demonstrate sufficient bullish confidence, and it stalled out just in front of the $1,725 mark. During the early part of the North American session, the last time the XAUUSD was seen trading was in the neighborhood of $1,715 to $1,716. This represents an increase of more than 0.50 percent for the day.

The United States Dollar’s fall has been supportive of gold prices.

The United States dollar continues its retracement decline from a two-decade high and experiences significant selling for the second day in a row as the probability of a rate raise move by the Federal Reserve by 100 basis points in July decreases. This, in turn, is considered to be an essential component that provides some support to the gold priced in dollars. 

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