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Gold price climbs above $2,650 on trade war concerns, sliding US bond yields and softer USD

The article from FXStreet discusses the recent performance of gold prices, noting that gold is building on a bounce from a one-week low and is climbing closer to $2,650. This movement comes after a significant drop in gold prices, which was influenced by a stronger US Dollar and higher US Treasury bond yields. The article highlights that despite the initial decline, gold has shown resilience, supported by a risk-off mood in the markets and expectations of potential Federal Reserve rate cuts in 2024. Additionally, geopolitical tensions and economic uncertainties continue to underpin gold's safe-haven appeal. The piece also mentions that upcoming US economic data, like the Core PCE Price Index, could influence future gold price movements by affecting expectations around inflation and monetary policy.

Read the Full FXStreet Article at [ https://www.fxstreet.com/news/gold-price-builds-on-tuesdays-bounce-from-one-week-low-climbs-closer-to-2-650-202411270441 ]