Having posted a session low near $1232 region, gold regained traction and touched a fresh session peak level of $1238 during early NA session.
A mild retracement in the US equity indices futures, which tends to benefit traditional safe-haven assets, has been a key factor of the metal's latest leg of up-move on Monday. Moreover, the political uncertainty in Europe, ahead of the crucial French Presidential election, has also been supportive of the metal's investment appeal.
Meanwhile, a range-bound price action around the US treasury bond yields, and the key US Dollar Index amid thin market liquidity conditions in wake of a bank holiday in the US, has failed to provide any impetus and broader market risk-sentiment remains an exclusive driver of the metal's move on the first trading day of the week.
Looking at the broader picture, the precious metal has been trading in the vicinity of three-month peaks touched during early Feb. as investors remained skeptic over the US President Donald Trump's pro-economic policies.
Furthermore, market participants also preferred to wait of the sideline ahead of this week's key event risk - FOMIC meeting minutes on Wednesday. The Fed minutes would be looked upon for fresh fresh insight over the possibilities and timing of the next Fed rate-hike action, eventually provide fresh impetus for the non-yielding yellow metal's near-term trajectory.
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