XAU/USD Surges Toward All-Time Highs on Rate Cut Expectations
XAU/USD rallied above $2,100.00 on Monday as investors intensify bets on a June rate cut by the Federal Reserve (Fed) following recent mixed US economic data. Traders are embracing risk assets ahead of this week's highly anticipated US Nonfarm Payrolls (NFP) report, hoping for signs of a weakening labor market to further cement the case for Fed policy easing.
This week also brings crucial insights from Fed Chairman Jerome Powell's testimony before the Financial Services Committee on Wednesday at 15:00 GMT, as well as Tuesday's release of the ISM Services Purchasing Managers Index for February. While a dip in this index is expected, Friday's NFP and Wednesday's ADP Employment Change will offer a clearer picture of the current state of the labor market.
Spot Gold is building on Friday's gains, surging above the $2,100.00 mark and showing strong bullish momentum early in the week. XAU/USD has risen over 4% since last week's low and is rapidly approaching its all-time high set in December at $2,144.48.
Spot Gold is building on Friday's gains, surging above the $2,100.00 mark and showing strong bullish momentum early in the week. XAU/USD has risen over 4% since last week's low and is rapidly approaching its all-time high set in December at $2,144.48.