Gold Price (XAU/USD) extends its upside above the mid-$2,150 during the early Asian trading hours on Tuesday. The expectations of interest rate cuts by the US Federal Reserve (Fed) this year and the dovish remarks from Fed officials weigh on the US Dollar (USD) and provide some support to the US Dollar-denominated Gold. At the press time, gold price is trading at $2,171, adding 0.04% on the day.
Meanwhile, the US Dollar Index (DXY), a measure of the value of the USD against a weighted basket of currencies used by US trade partners, retreats from multi-week peaks of 104.50 and hovers around 104.20. The US Treasury bond yields edge slightly higher, with the 10-year yield standing at 4.25%.