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Gold Price

Gold prices (XAU/USD) gain momentum on Monday. A weaker US Dollar (USD) and increasing geopolitical tensions in the Middle East support the precious metal.

In the long term, rising demand from central banks may further strengthen gold.

However, reduced expectations of a Federal Reserve (Fed) rate cut this year and a hawkish stance from Fed officials could put downward pressure on XAU/USD, as higher interest rates make gold less appealing as a store of value.

On Monday,US banks will be closed for the Memorial Day holiday. Gold traders will look for guidance from the Fed's speeches on Tuesday, which will include remarks from Michelle Bowman, Loretta Mester, and Neel Kashkari.

The initial reading of the US Gross Domestic Product (GDP) for the first quarter, due on Thursday, will be closely watched.


Dr. Kamaran Qader Yaqub,
Financial Consultant at Investment Spot company. 

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