• Gold price attracts some sellers in Tuesday’s early Asian session.
• Rising bets of a US rate cut this year and escalating geopolitical conflicts might cap the Gold’s downside. 
• Investors will watch the US CB’s Consumer Confidence and Housing Price Index data, which are due on Tuesday. 

The Gold price (XAU/USD) trades in negative territory amid the modest recovery of the US Dollar (USD) on Tuesday. Nonetheless, the signal from US Federal Reserve (Fed) Chair Jerome Powell at Jackson Hole to start cutting interest rates is likely to support the precious metal. Lower interest rates are generally positive for gold as they reduce the opportunity cost of holding non-interest-paying assets. Furthermore, the rising geopolitical tensions in the Middle East might further boost Gold, a traditional safe-haven asset. 

The People's Bank of China (PBOC) halted gold purchases in July, marking the third straight month it did not acquire for reserves. Traders will watch the August data for fresh impetus. The concerns about the sluggish economy and the demand for precious metals in China could drag the price of gold down as China is the largest producer and consumer of gold worldwide. 

The US Conference Board’s Consumer Confidence for August and Housing Price Index for June are due on Tuesday. Later this week, the preliminary US Gross Domestic Product (GDP) Annualized for the second quarter and Personal Consumption Expenditures (PCE) - Price Index data will be in the spotlight.