Gold tried to find strength in the Asian session after the precious metal weakened at the end of last week's trading following the rise of the US dollar and higher US bond yields.
At the time of writing, spot gold traded slightly higher at around $ 1,820 per ounce, while gold futures were positive at $ 1,819 per ounce.
The yellow metal lost momentum towards the end of the New York session on Friday, as the U.S. dollar regained support for a rebound following a jump in 10 -year bond yields to 1.80%.
Meanwhile in China, the central bank surprised the market by lowering its interest rates for the first time since April 2020. The medium -term loan facility rate was lowered by 10 basis points to 2.85% from 2.95%.
Technically, the price of gold is trading flat by continuing to hover around below the $ 1,830 per ounce resistance level that has still failed to break since last week.
High global inflation supported gold to remain traded strong even as most major central banks began to signal to tighten monetary policy to curb inflation.
