Gold (XAU/USD) prices jumped over 2%, or more than $70, on Monday as the Greenback was battered, although positive economic data from the United States (US) suggests the economy remains solid. XAU/USD trades at $3,309 after bouncing off daily lows of $3,237.
Market mood improved following a report by the Institute for Supply Management (ISM) that service providers reassured the robustness of the US economy. The data hinted that prices are rising, ignited by US President Donald Trump's tariffs
Over the weekend, Trump announced 100% duties on foreign-produced movies while saying that the Federal Reserve (Fed) should lower interest rates. He said he won't remove Fed Chair Jerome Powell before his term ends in May 2026.
Trump added that the US is meeting with many countries, including China, and that his main priority is reaching a deal with Beijing.
Meanwhile, traders are bracing for the Federal Reserve monetary policy meeting on Wednesday. The markets have fully priced in that the US central bank will keep rates unchanged, though they will be looking at Fed Chair Jerome Powell's press conference. Policymakers will not update their forecasts until the June meeting, which could provide some hints regarding monetary policy.
Source: Fxstreet
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