Gold prices (XAU/USD) recovered recent losses from the previous session, despite lower trading volumes on Monday than usual ahead of the New Year holiday.
Safe-haven Gold gained upside support as markets anticipate signals on the US economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025.
Safe-haven demand for the yellow metal could increase as potential tariffs and trade policies by the incoming Trump administration, which could trigger trade conflicts, boost risk aversion sentiment.
However, the prospect of fewer Fed rate cuts in 2025 could limit the upside for non-yielding Gold.
Additionally, Gold received upside support from rising geopolitical risks stemming from the prolonged Russia-Ukraine conflict and ongoing tensions in the Middle East. On Sunday, Israeli forces carried out strikes on two hospitals in northern Gaza, including a strike on the upper floors of al-Wafaa Hospital in Gaza City, which killed at least seven people and critically wounded several others.
Source: FXStreet
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