- Gold price registered its steepest weekly decline in over five months in the wake of a broad-based US Dollar rally and a sharp rise in the US Treasury bond yields following Donald Trump's victory in the US presidential election.
- The so-called Trump trade euphoria continues to act as a tailwind for the Greenback and exerts some downward pressure on the Gold price for the second successive day on Monday amid the upbeat mood around the equity markets.
- The Federal Reserve last week lowered its benchmark overnight borrowing rate by 25 basis points and signaled plans to ease monetary policy further, with traders still pricing in a 65% chance of another interest rate cut in December.
- Minneapolis Fed President Neel Kashkari said that the central bank wants to have confidence and needs to see more evidence that inflation will go all the way back to the 2% target before deciding on further interest rate cuts.
- President-elect Trump’s protectionist push is expected to exacerbate global trade tensions and trigger a worldwide trend of restrictive trade practices, which could strain global markets and offer support to the safe-haven XAU/USD.
- Investors might also refrain from placing aggressive directional bets ahead of this week's release of the US consumer inflation figures on Wednesday, the US Producer Price Index on Thursday and US Retail Sales figures on Friday.
- Apart from this, investors will closely scrutinize comments from a slew of Fed officials, including Fed Chair Jerome Powell, for more signals about the rate-cut path, which will drive the USD and provide a fresh impetus to the commodity.
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