Gold recorded a sharp decline after hitting a new record high on Monday and directly ending an eight-week winning streak.
At 8.45 am, the price of gold was at $2,869.69, up 0.38% since it opened in early trading on Monday in the Asian session.
The strengthening earlier this week was driven by the ongoing uncertainty of the Russia-Ukraine conflict and the anticipation of the Purchasing Management Index (PMI) economic data due to be published at 11 pm tonight.
Over the weekend, President Donald Trump criticized Ukrainian President Volodymyr Zelensky for canceling a mineral deal that would have been a solution to his conflict with Russia.
Meanwhile, investors will be closely monitoring developments in the European geopolitical conflict with any tension capable of boosting gold prices.
Conversely, renewed US Dollar (USD) demand may limit the rise in the yellow metal. US inflation data came in line with expectations, suggesting the US Federal Reserve (Fed) may be taking a cautious stance on further rate cuts.
