Gold stays subdued in early Asia on Monday ahead of Federal Bank rate decision due later this week. U.S. Federal Reserve concludes a two-day meeting on Wednesday, but the extent of hikes remains uncertain in the face of deteriorating data. On Friday, the US Composite PMI Output Index tumbled far more than expected to 47.5 this month from a final reading of 52.3 in June indicating the US could be headed for a recession. Gold recovered on Friday after having fallen to $1678.40 a day before, its lowest level since March 2020. Currently, the yellow metal is quoting lower by 0.15% at $1724.80 an ounce. Powered by Commodity Insights
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