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Gold climbed to a two-week high on Monday on renewed buying of the metal by China’s central bank, further turmoil in the Middle East, and expectations of another US Federal Reserve rate cut.
Earlier in the day, bullion had advanced as much as 1.6%, after the People’s Bank of China — a major buyer of the metal — announced that it has resumed purchases after a six-month hiatus. Traders were also monitoring developments in Syria, which saw its ruling dynasty collapse over the weekend, and some believe this could further destabilize the Middle East region. “The government’s collapse in Syria could see haven demand flowing in,” ANZ Group Holdings said.
Focus now turns to the US consumer and producer-price reports due later this week, which are expected to show little increase in inflation pressures. The figures are among the last key indicators before the Fed’s meeting next week.Gold has been one of the biggest winners in 2024, up almost 29% year to date. This is despite a sharp retreat following the US election, as traders began selling off gold in anticipation of higher inflation and a slowdown of the Fed’s monetary easing.
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