For a number of mixed reasons, the greenback is taking up the bid. Despite the accommodative stance by the Fed and yesterday's dovish shift in rate hike expectations, gold is under pressure.

"While the US central bank killed the dream of an additional rate hike in 2019, signalling a "perma-pause", the reality is the market believes that the next move may very well be a cut. CTAs are set to turn become substantial buyers above $1315/oz, and given that the economy may be slowing, we remain comfortable with our eventual $1,400+ target for the yellow metal, as we expect data to continue deteriorating," analysts at TD Securities explained.

The precious metal previously picked up a bid earlier when President Trump said he would keep tariffs on China even after a trade agreement had been reached to make sure the country is adhering to the terms of any trade deal.


Source: marketwatch.com