Gold (XAU/USD) started the week on a positive note, extending its rally for the fifth consecutive day to reach its highest level in more than four months, last seen on April 22. A generally weaker US dollar (USD) and strong expectations for a Fed rate cut in September continued to bolster bullion's momentum.
At the time of writing, XAU/USD was trading around $3,470 in the European session, down from an intraday high of $3,489 recorded during the Asian session and approaching an all-time high of $3,500. Mild technical selling and stable US Treasury yields weighed on sentiment, while trading conditions remained sluggish as US markets were closed for Labor Day.
Beyond monetary policy expectations, gold bullion continued to attract safe-haven demand amid growing uncertainty over US trade policy and the Fed's independence. On Friday, a federal appeals court ruled that most of US President Donald Trump's global tariffs were unlawful, stating that he had exceeded his authority under the International Emergency Economic Powers Act (IEEPA). This ruling, coupled with geopolitical tensions and broader investor caution, has kept gold bullion prices well supported near record highs. (alg)
Source: FXstreet
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