Gold is struggling to move higher as haven assets remain in the doldrums. This week’s Fed policy decision and US Jobs Report are likely to wake up the precious metal.
The precious metal remains bid and in record high territory, underpinned by ongoing fears in the Middle East. Today’s US inflation data may hamper further progress.
Financial markets continue to price in an aggressive round of US interest rate cuts this year, yet this is not currently feeding fully through into the price of gold.
Gold starts the week on the backfoot despite ongoing tensions in the Red Sea. US rate expectations still suggest six cuts this year but Thursday’s US inflation report may test this forecast.