Gold Rises Amid Global Tensions: All Eyes on US Inflation Data
A combination of various elements supports the Gold price in reversing a slight intraday decrease on Monday. Factors such as geopolitical risks and bets on a rate cut by the Fed provide backing, though a positive risk sentiment may limit the potential for gains. Additionally, traders are exercising caution ahead of this week's release of crucial US inflation figures. Gold price (XAU/USD) sees an increase in buying interest near the $2,424 region on Monday and is aiming to build on last week's rise from the 50-day Simple Moving Average (SMA) support. Investors remain anxious about the prospect of heightened conflict in the Middle East, which is viewed as a significant factor contributing to support for gold. Furthermore, expectations for larger interest rate cuts by the Federal Reserve (Fed) offer extra backing to this non-yielding commodity. However, there is some skepticism surrounding the intraday rise due to an overall favorable sentiment towards equity ma...