GOLD REMAINS ON ITS BACK FOOT AFTER STRONG US RETAIL SALES
GOLD REMAINS ON ITS BACK FOOT AFTER STRONG US RETAIL SALES
Gold (XAU/USD) failed to rise above $2,665 and resumed its downward trend as the U.S. dollar strengthens.
Strong U.S. retail sales in November and better-than-expected economic data are boosting expectations of a "hawkish" rate cut by the Federal Reserve.
Investors expect the Federal Reserve to cut rates on Wednesday but remain cautious about a hawkish tone, which could push U.S. Treasury yields higher.
Gold is facing downward pressure, approaching support at $2,630, as expectations of steady U.S.
economic growth and rising inflation act against it.