Gold climbed to around $2,730 per ounce on Monday, reaching new record highs, bolstered by increased demand for safe-haven assets. Investors are closely watching developments in the Middle East as tensions flared following Hezbollah's announcement on Friday that it is entering a more intense phase in its conflict with Israel, while reports over the weekend indicated that Israeli strikes hit Beirut’s southern suburbs and other regional targets. The uncertainty surrounding the upcoming US presidential elections is also further increasing the appeal of safe-haven assets. Additionally, expectations of looser monetary policies from major central banks also support gold prices. The PBoC lowered its key rates as part of stimulus measures, and the ECB cut rates last week for the third time this year. Nevertheless, recent strong US economic data has fueled expectations for a less dovish Federal Reserve stance.
GMD Price at posting:
$2.40 Sentiment: Buy Disclosure: Held
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