Gold prices surged during the North American session after hitting a record high of $2,956 as the greenback weakened and US Treasury yields fell. At the time of writing, XAU/USD was trading at $2,949, up 0.49%.
Uncertainty kept Bullion prices firm as investors weighed US President Donald Trump's proposed trade policies. Geopolitics continued to be in the second stage as the Ukraine-Russia conflict appeared closer to being resolved, while rising tensions in the Middle East fueled demand for Gold.
Gold prices have been on the rise for the past eight weeks, driven by the most significant net inflows into Gold-backed ETFs since 2022, Bloomberg reported.
While XAU/USD could be poised to remain close to its all-time high, it appears that buyers have lost their footing as price action shows signs of exhaustion.
This week, the US economic docket will feature Federal Reserve (Fed) speakers, the Conference Board's Consumer Confidence, housing data, Durable Goods Orders, the second reading of Q4 GDP, and the release of the Fed's preferred inflation gauge—the Core Personal Consumption Expenditures (PCE) Price Index. (Newsmaker23)
Source: FXstreet
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