Gold price (XAU/USD) retains its bullish bias through the first half of the European session on Monday and touches a fresh all-time high, around the $2,896-$2,897 region in the last hour.
Concerns about the potential economic fallout from US President Donald Trump's tariffs and escalating US-China trade tensions continue to boost demand for the safe-haven bullion.
Moreover, concerns that Trump's protectionist policies would reignite inflation in the US turn out to be another factor that benefits the precious metal's status as a hedge against rising prices.
Meanwhile, the US Dollar (USD) attracts some follow-through buyers amid bets that the Federal Reserve (Fed) would stick to its hawkish stance amid a still resilient US labor market and inflationary concerns. This, however, does little to dent demand for the non-yielding Gold price or hinder the strong intraday positive move.
That said, overbought conditions on the daily chart might hold back traders from placing fresh bullish bets around the XAU/USD. Nevertheless, the fundamental backdrop suggests that the path of least resistance for the commodity is to the upside.
Source: FXStreet
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