Gold price (XAU/USD) fell below the $2000 mark late in the New York session, registering losses of 0.
Gold price falls to $1997.60, down 0.42%, after reaching a daily high of $2006.77. Geopolitical risks, particularly the Middle East conflict, continue to drive gold prices. Analyst Jim Wyckoff remains bullish on gold, citing potential for worsening conflict and new all-time highs. 42% as market participants trimmed some of last Friday’s gains amid fears the conflict in the Middle East could spread in the region. XAU/USD is trading at $1997.60 after hitting a daily high of $2006.77.
In the meantime, the Greenback remains weak, even though US Treasury bond yields climbed, as the US Dollar Index lost 0.42% and sits at 106.13. Market participants' focus shifted to the US Federal Reserve’s monetary policy. Powell and Co. are expected to hold rates unchanged but would likely keep their options open for higher interest rates. Any dovish tilts could underpin XAU/USD prices toward higher levels.
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