𝑾𝙝𝒂𝙩'𝙨 𝙞𝒏 𝒕𝙝𝒆 𝒏𝙚𝒘𝙨 𝙩𝒐𝙙𝒂𝙮.
𝗚𝗼𝗹𝗱 𝗥𝗲𝗰𝗼𝘃𝗲𝗿𝘀 𝗜𝗻𝘁𝗿𝗮𝗱𝗮𝘆 𝗗𝗶𝗽, 𝗘𝘆𝗲𝘀 $𝟮,𝟳𝟱𝟬 𝗥𝗲𝘀𝗶𝘀𝘁𝗮𝗻𝗰𝗲 𝗟𝗲𝘃𝗲𝗹.
Gold (XAU/USD) has recouped a significant portion of its intraday losses, climbing above $2,740 to reach a new daily high in the European session on Monday. Safe-haven demand driven by Middle East tensions and concerns surrounding the upcoming US elections continues to support the precious metal. Additionally, a slight pullback in the US Dollar from its highest level since July 30 has further bolstered gold prices.
At the same time, expectations for smaller Federal Reserve rate cuts and concerns over post-election deficit spending are helping keep US Treasury yields elevated. A positive sentiment in equity markets, however, might limit gold's upside. Traders are also cautious ahead of key US economic data releases this week, including the Advance Q3 GDP, the Personal Consumption Expenditures (PCE) Price Index, and the Nonfarm Payrolls (NFP) report.
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Zaff Ismail
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