WASHINGTON (dpa-AFX) - Gold surged to set a fresh record high above $3,700 per ounce on Monday, buoyed by geopolitical tensions and heightened expectations of a dovish rate cut path.
Spot gold traded 1 percent higher at $3,722.41 per ounce in European trade, while U.S. gold futures were up 1.4 percent at $3,757.10.
The fundamental backdrop remains supportive ahead of a UN Security Council meeting today over Estonia's accusation that Russian fighter jets violated its airspace.
Tensions between Nato and Russia have been dramatically rising after a series of what European governments say are deliberate, provocative acts by the Kremlin.
Elsewhere, Israel's occupation of Gaza is generating an increasing wave of opposition among Western countries.
Investors also reacted to the Trump administration's immigration crackdown on H-1B visas and shifted focus to a slew of U.S. economic data as well as speeches by Fed Chair Jerome Powell and other Fed officials due this week for additional clues on the future path of interest rates.
John Williams, Thomas Barkin, Stephen Miran, Raphael Bostic and Michelle Bowman are due to speak at separate events this week.
Fed Chair Jerome Powell is scheduled to speak on the economic outlook on Tuesday.
Additionally, closely-watched readings on U.S. consumer price inflation will be in the spotlight this week along with reports on new and existing home sales and durable goods orders.
The release of Fed's preferred gauge of inflation on Friday might help set the tone for the near-term rate outlook.
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