Gold price creeps lower, holds narrow range before US GDP release

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• Gold price edges up, trading near the 50-day SMA, as US Treasury yields decline and the US Dollar softens.
• Market focus on upcoming PCE and GDP reports could determine Gold’s breakout from current tight trading range.
• Earlier economic indicators, including a sharp drop in Durable Goods Orders, set a cautious tone for Q1 2024 GDP expectations.

Gold price modestly gains but is stuck in a narrow range in Tuesday’s mid-North American session, underpinned by the fall in US Treasury bond yields. Consequently, the Greenback (USD) weakens, as the US Dollar Index (DXY), which tracks the currency against six other currencies, drops 0.05%. At the time of writing, XAU/USD trades at $2,034.88, gaining 0.18%.