Gold (XAU/USD) prices extended its decline to near $2,695 during the early Asian session on Monday (1/20). A stronger US dollar (USD) ahead of President-elect Donald Trump's inauguration exerted selling pressure on the yellow metal.
Analysts expect gold prices to face volatility ahead of Trump's inauguration. Traders will be watching developments surrounding potential trade policies. Any aggressive comments from Trump on using trade tariffs to support the US manufacturing sector could lift the greenback and weigh on the USD-denominated commodity.
However, last week's weaker-than-expected US inflation data could support the precious metal as it could fuel speculation of more than one interest rate cut from the US Federal Reserve (Fed). Traders are looking ahead to Trump's inauguration on Monday for fresh catalysts on executive orders he will issue after he takes office. "Uncertainty over the policies that President Trump will set has been one of the factors supporting gold," said David Meger, director of metals trading at High Ridge Futures.
Additionally, persistent geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict could boost safe haven flows, benefiting Gold prices. The Guardian reported that the Russian military captured two more settlements in the Donetsk region of eastern Ukraine on Saturday, the latest in a series of gains it has reported in its steady advance westward. (AL)
Source: FXstreet
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