Gold Price (XAU/USD) gains momentum to the $2,003 psychological mark during the early Asian trading hours on Monday. The yellow metal rose above the $
Gold Price surges above the $2,000 mark for the first time since May 2023. US Core PCE came in at 3.7% YoY in September vs. 3.8% prior, matching consensus. The escalating geopolitical risks might benefit the safe-haven asset like gold. Traders await the US CB Consumer Confidence ahead of the Fed policy meeting on Wednesday. 2,000 psychological round mark for the first time since May as the elevated geopolitical tensions boosted the safe-haven flows demand.
It's worth noting that rising interest rates raise the opportunity cost of investing in non-yielding assets, implying a negative outlook for precious metals. Rising geopolitical risks triggered risk aversion and benefits to safe-haven assets like gold. On Thursday, the US carried out airstrikes targeting two facilities related to Iranian-backed militias in eastern Syria, following a series of drone and rocket attacks against US forces in the region.
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