Gold Price Analysis: XAU/USD surrenders early modest gains, flat-lined below $1880 level

Gold gained traction for the second consecutive session on Tuesday.

Weaker US, sliding US bond yields remained supportive of the uptick.

The risk-on mood kept a lid on any meaningful upside for the metal.

Gold surrendered a major part of its early gains to the $1884-85 region and was last seen hovering around the $1878-75 zone, nearly unchanged for the day.Following the previous day’s intraday pullback from the $1890 region, the precious metal caught some fresh bids for the second straight session and was being supported by a combination of factors. The euphoric market reaction to the positive COVID-19 vaccine news faded rather quickly amid questions over the efficacy and the length of immunity provided.Adding to this, concerns about the continuous surge in new infections in the US and the imposition of stricter restrictions in several US states revived hopes a substantial stimulus package to support […]

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