Gold price (XAU/USD) recovers its recent losses from the previous session, although trading volume is lighter on Monday than usual ahead of the New Year holiday. The safe-haven Gold gains upward support as markets anticipate signals regarding the United States (US) economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025.
The safe-haven demand for the yellow metal could increase as the potential Donald Trump's tariffs and trade policies could trigger trade conflicts, increasing the risk aversion sentiment. However, the outlook for fewer Fed rate cuts in 2025 might cap the upside for the price of the non-yielding Gold.
Additionally, Gold receives upward support from heightened geopolitical risks stemming from the prolonged Russia-Ukraine conflict and ongoing tensions in the Middle East. On Sunday, Israeli forces carried out attacks on two hospitals in northern Gaza, including a strike on the upper floor of al-Wafaa Hospital in Gaza City, which killed at least seven people and critically wounded others.
Source : FXStreet
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