Gold surged above $2,700 amid escalating geopolitical tensions, reaching a two-week high of $2,710. Its safe-haven appeal strengthened due to concerns over the Russia-Ukraine conflict and uncertainty in the Middle East. If the geopolitical tensions persist, gold may challenge its all-time high of $2,790. The Core PCE Index data will come out on Tuesday, shaping to be the week’s key event. It could trigger significant moves in both gold and the US dollar. It could trigger significant moves in both gold and the US dollar.
Several Federal Reserve (Fed) officials remain cautious about rate reductions, which might cap the Gold’s upside. The market is adjusting its expectations for the Fed's cuts next year as inflation is becoming a bigger concern. Higher rates reduce the appeal of gold. According to the CME FedWatch Tool, futures traders are now pricing in 50.9% odds that the Fed will cut rates by a quarter point, down from around 69.5% a month ago.
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