• A combination of supporting factors pushes the Gold price higher for the second straight day.
• The USD remains depressed amid the September Fed rate cut bets and underpins the metal. 
• Geopolitical risks further benefit the safe-haven XAU/USD, though bulls seem reluctant.

Gold price (XAU/USD) once again showed some resilience below the 50-day Simple Moving Average (SMA) on Friday and staged a modest recovery from the vicinity of over a two-week low touched the previous day. The move up followed the release of the US Personal Consumption Expenditures (PCE) Price Index, which showed that inflation rose modestly in June and lifted bets for an imminent start of the Federal Reserve's (Fed) rate-cutting cycle. The US Treasury bond yields drifted lower after the inflation data, undermining the US Dollar (USD) and benefiting the non-yielding yellow metal.

Apart from this, persistent worries about geopolitical risks stemming from the ongoing conflicts in the Middle East assist the safe-haven Gold price to gain follow-through traction during the Asian session on Monday. That said, the risk-on impulse – as depicted by the upbeat mood across the global equity markets – could act as a headwind for the safe-haven precious metal. Traders might also prefer to move to the sidelines and wait for the outcome of a two-day Federal Open Market Committee (FOMC) meeting on Wednesday before committing to the next leg of a directional move for the commodity.