Gold Prices Drops By Over 1.6%


Gold prices dropped by over 1.6% on Monday, giving a pessimistic start to the new trading week. XAU/USD was pressured by a combination of a surging US Dollar and Treasury yields, likely reflecting more hawkish Federal Reserve monetary policy expectations. Unsurprisingly, Wall Street broadly underperformed.

A key culprit was strong ISM services data, which crossed the wires at 56.5 for November against the 53.3 estimate. ISM jumping to 56.5 from 54.4 in October was also the most aggressive since March 2021. The data underscored the health and vigor of the services industry, which also likely speaks to solid consumer expenditures. The latter is the largest segment of GDP.

With the Fed in a blackout period until next week’s interest rate decision, markets will probably stay very sensitive to incoming economic data as the key driver for momentum.

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