Gold price struggles to lure buyers amid a mixed fundamental backdrop

The US Dollar looks to build on the overnight recovery from a multi-month low amid bets that the Federal Reserve will keep interest rates high for a longer period and undermine the Gold price.

Investors remain concerned that US President-elect Donald Trump's tariff plans could trigger a second wave of global trade wars, which, in turn, acts as a tailwind for the safe-haven precious metal.

The Institute of Supply Management's (ISM) Manufacturing Purchasing Managers Index (PMI) rose to 48.4 in November amid hopes of business-friendly policies from the incoming Trump administration.

The CME Group's FedWatch Tool indicates a nearly 75% chance that the US central bank will lower borrowing costs by 25 basis points at its upcoming monetary policy meeting later this month.

The yield on the benchmark 10-year US government bond languishes near its lowest levels since late October and further contributes to limiting the downside for the non-yielding XAU/USD. 

Russia fired at least 60 North Korean missiles against Ukraine. North Korean leader Kim Jong Un vowed that his country will invariably support Moscow until Russia achieves a great victory in Ukraine.

Investors keenly await this week's important US macro releases and Fed Chair Jerome Powell's speech, which might influence the outlook for interest rates in the US and drive the commodity. 

Tuesday's US economic docket features the release of Job Openings and Labor Turnover Survey (JOLTS) Job Openings data, though the focus remains on the Nonfarm Payrolls (NFP) on Friday.