Gold prices changed little on Tuesday after recovering from a fall earlier in the week that approached a nearly four -month low.
In the Asian session, the yellow metal traded at around $ 1,822 per ounce, rising from a significant decline of $ 1,786 per ounce recorded on Monday.
Weak US dollar trading and lower 10 -year US bond yields were seen to provide little support for the precious metal's market price to recover.
The recovery may also be driven by headlines from China showing gloomy readings in retail sales data and manufacturing activity thus further reinforcing concerns over global growth prospects.
In addition, the latest statement from China State Planner also challenged market confidence, where it said there was growing downward pressure on the country’s economy.
However, those concerns are likely to subside after Shanghai unveiled plans to end the Covid-19 closure after three consecutive days of recording zero coronavirus cases outside the quarantine area.
Investors ’focus is now shifting to the publication of U.S. retail sales data and Federal Reserve (Fed) Chairman Jerome Powell’s speech scheduled for the New York session.
