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On Tuesday, the yellow metal continues its corrective rebound from last Friday's 2-month high, following the release of weak US labor market statistics.
Notably, at the end of last week, gold closed the session at $1,833.70, registering an intraday gain of 1.2%. However, the precious metal failed to consolidate above the psychologically important level of $1,830.
The gold quotations developed a corrective decline in the Asian trading session on Monday, as the US and Canadian markets were closed due to Labor Day. Prices continued to fall on Tuesday, expecting US and Canadian traders to return after a long weekend.
So far, at the time of this report, bullion was down to $1,816. The asset lost 0.96% in value, compared with Friday's closing.
A decline of coronavirus risks in a number of countries has a negative impact on the yellow metal's price. Australia, New Zealand and Japan reported the number of new coronavirus cases fell.
Growing optimism about COVID-19 vaccines, particularly booster vaccines, is also encouraging the decline in coronavirus cases. These measures are expected to control the spread of the delta variant.
Consolidation of the US currency and rising yields on 10-year US Treasury bonds stimulate negative dynamics in the gold market. This morning, the greenback index rose by 0.13% against its major rivals and was worth 92.15 points. At the same time, yields increased by 2.2 basis points and totaled 1.34%.
Analysts stress that in the short term, the US dollar will remain the key factor that affects the price of gold. The nearest event that could put significant pressure on the greenback is the September meeting of the European Central Bank.
The ECB meeting will be held this coming Thursday. It is expected that the reduction of the special asset purchase program will be announced there. At the same time, analysts predict that at the moment the regulator will keep interest rates at zero level.
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