Gold rose near $2,600 per ounce on Monday, rebounding from its biggest weekly drop since 2021, as the rally in the US dollar paused. Latest data in the US showed retail sales rose more than expected in October, underscoring the economy's resilience.
Comments from some Federal Reserve officials last week also added uncertainty regarding the timing and extent of potential rate cuts. Still, markets are currently pricing in around 65% chance of a 25bps rate cut in December. Investors are now focused on upcoming remarks from other Fed policymakers this week, seeking clearer guidance on the direction of U.S. interest rates in the months ahead.
On the geopolitical front, ongoing tensions in the Middle East and the escalating conflict between Ukraine and Russia could drive safe-haven flows, providing additional support for gold.
Source: Trading Economics
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