Gold (XAU/USD) kicks off the week on a volatile note, staging a sharp intraday recovery after briefly dipping to an 11-day low near $3,323 during early Monday trade. The rebound appears to be driven by renewed safe-haven demand amid geopolitical uncertainties surrounding the Russia-Ukraine peace talks, after the weekend summit between US President Donald Trump and Russian President Vladimir Putin failed to deliver a breakthrough.
At the time of writing, the precious metal is trading around $3,348 during the European session, up 0.36% on the day. Despite the sharp intraday rebound, price action remains confined within the familiar trading range established last week. Markets remain cautious as attention turns to a scheduled meeting later on Monday between President Donald Trump, Ukrainian President Volodymyr Zelenskyy, and several European leaders, which could shape the next phase of diplomatic efforts on the Ukraine conflict.
The Trump-Putin meeting, held in Alaska on Friday, ended without a clear resolution to the conflict in Ukraine. There was no ceasefire agreement, although talks about possible security guarantees for Ukraine gave some hope that progress could still be made.
President Trump shifted focus away from demanding an immediate ceasefire and instead supported a broader peace agreement framework. At the same time, reports said that Russia asked for control over disputed areas like Donetsk, a concession that Ukraine is unlikely to accept. With the proposals now on the table, the next move rests with Ukraine and its allies.
A modest uptick in the US Dollar (USD) and equity markets trading near record highs are limiting further upside for Gold. However, a pullback in US Treasury yields is lending support to the metal. The combination of mixed market signals is keeping Gold in a tight range, with traders now looking ahead to the Jackson Hole symposium at the end of the week for fresh cues on interest rate direction and broader monetary policy outlook.
Source: Fxstreet
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