Gold price trades near $1,915 per troy ounce during the Asian session on Monday, extending the previous week's gains. The recent pullback in United St
ates Treasury yields has contributed to the rebound in the price of yellow metal. Additionally, moderate US economic data released during the previous week along with the mixed statements from the major central bank officials at theAs said, US Durable Goods Orders for July posted a reduction of 5.2% as compared to the market consensus of 4%, swinging from the 4.4% reading in June.
Market participants are expected to adopt a cautious stance towards China’s economic concerns. According to data released by the National Bureau of Statistics on Sunday, China's Total Industrial Profits reported a decline of 15.5% during the first seven months of 2023. The attention of Gold traders is directed towards the four-day visit of US Commerce Secretary Gina Raimondo to Beijing starting on Sunday. The purpose of this visit is to enhance business ties between the two countries.
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