Gold rallied during Tuesday's trading session boosted by a decline in US Treasury bonds and pushed lower against the US dollar amid a busy week in the US economy.
At 9.20am, the price of gold was at $2,410.69 which is up 0.04% since it opened in early trade on Wednesday in the Asian session.
Meanwhile, the Wall Street market posted gains for the second day in a row as market participants digested US political developments over the weekend.
Investors will continue to pay close attention to June inflation data and preliminary readings of Gross Domestic Product (GDP) for the second quarter of 2024.
Earlier, gold recorded a significant price drop after hitting an all-time high last week as expectations of a rate cut by the Fed were high in the market.
The poll showed that 73% of economists predicted Fed officials would ease by 50 basis points by the end of 2023. Some others felt a 25 basis point cut and some expected no policy easing at all.
Additionally, the yield on the 10-year US Treasury bond fell one and a half basis points to 4.24% which sent the precious metal moving positive in early trade.
The Consumer Expenditure Price Index (PCE) is a high focus for investors in seeing the Fed's next direction. If the PCE data is lower than expected, this will strengthen the hope for a rate cut this September.
Sentiment now shows that gold prices continue to be boosted by India's import tax cuts on gold and silver holdings. This will continue to drive its upward movement.
