The gold price (XAU/USD) extends its upside near $2,360 on Monday during the early Asian trading hours.
Gold price kicks off the new week on a positive notearound$2,360 on Monday. The hawkish comments from the US Fed might weigh on the yellow metal. The escalating Middle East geopolitical tensions could cap the downside of the gold price. The gold price extends its upside near $2,360 on Monday during the early Asian trading hours. The rising geopolitical tensions in the Middle East boost safe-haven flows and benefit precious metals.
The final reading of US CPI inflation for April is expected to ease to 3.4% YoY in April from the previous reading of 3.5%. The hotter-than-expected data might dampen hope for US rate cuts and drag the gold price lower. On the other hand, the Israeli military said that it launched operations in northern Gaza overnight and that precise operations are ongoing in eastern Rafah and near the Rafah border, as well as in the Zeitoun neighbourhood in central Gaza.
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