WASHINGTON (dpa-AFX) - Gold soared nearly 1 percent to a seven-week high on Monday as the U.S. dollar struggled to regain traction ahead of the release of delayed U.S. jobs and inflation data as well as a slew of central bank decisions this week.
Geopolitical concerns due to the ongoing Russia-Ukraine war and escalating tensions between the U.S. and Venezuela also buoyed safe-haven demand for the precious metal.
Spot gold jumped 1 percent to $4,346.26 an ounce amid the prospect of interest rate cuts by the Federal Reserve next year. U.S. gold futures were up 1.2 percent at $4,382.15.
The dollar nursed losses as focus shifted to upcoming economic data and interest-rate decisions from a slew of central banks, including ECB, BOJ, BOE, Riksbank and Norges Bank.
The Bank of Japan is expected to raise rates by 25 basis points, while the Bank of England is poised to cut its benchmark interest rate by another quarter point.
The European Central Bank is expected to keep interest rates on hold, alongside Sweden's Riksbank and Norway's Norges Bank.
Key U.S. data due this week includes reports on employment, consumer price inflation and retail sales.
Speeches by Fed Governor Stephen Miran and New York Fed President John Williams may influence trading sentiment later in the day.
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