• Gold price struggles to gain any meaningful traction and remains confined in a familiar range.
• Reduced bets for a 50 bps Fed rate cut in November act as a headwind for the precious metal.
• Geopolitical risks and a modest USD downtick should limit any further losses for the XAU/USD. 

Gold price (XAU/USD) remains depressed during the Asian session on Tuesday and is currently placed just above the lower boundary of a short-term range. Investors have been scaling back expectations of another oversized interest rate cut by the Federal Reserve (Fed) in November amid signs of still resilient US labor markets. This, in turn, is seen as a key factor acting as a headwind for the non-yielding yellow metal.

Meanwhile, the US Dollar (USD) pulled back from a seven-week high touched on Friday as traders opt to move to the sidelines ahead of the release of the FOMC meeting minutes on Wednesday. Apart from this, the US Consumer Price Index (CPI) and the Producer Price Index (PPI) on Thursday and Friday, respectively, will influence expectations about the Fed's rate-cut path. This will provide a fresh impetus to the USD and the Gold price. 

In the meantime, geopolitical risks stemming from the ongoing conflicts in the Middle East should act as a tailwind for the safe haven Gold price and help limit any meaningful downfall. This, in turn, makes it prudent to wait for a sustained breakdown below a one-week-old trading range support before positioning for an extension of the XAU/USD's recent pullback from the all-time peak touched on September 26.