Gold retreats from its 5-month peak amid anticipation of US ‎economic data

Gold prices fell on Monday from the highest level in 5 months that they recorded in the previous session, with the rise of the dollar and US Treasury bond yields ahead of important economic data expected this week, while investors are looking for any indications of global repercussions of the conflict in the Middle East.

According to Reuters, by 0552 GMT, gold in spot transactions fell 0.3% to $1,975.99 per ounce, and US gold futures fell 0.4% to $1,987.30.

On Friday, gold prices reached their highest levels since mid-May and rose by about nine percent over the past two weeks as investors sought safe investment havens amid fears that the war between Israel and Hamas would escalate into a broader conflict in the Middle East.

Yip Jun Rong, market strategist at IG, said, “Gold prices were rising with support from flows searching for a safe haven in light of the conflict in the Middle East during the recent period, and it seems that the focus on humanitarian aid and securing the release of hostages indicates that the ground invasion “It may be delayed.”

Aside from geopolitical developments, investors will await a group of economic data, including the personal consumption expenditures price index, which is the Federal Reserve’s preferred inflation measure (the US central bank), the US GDP numbers for the third quarter, and the European Central Bank’s decision on the price of interest and initial indicators for purchasing managers around the world.

As for other precious metals, silver fell in spot transactions 0.4% to $23.25 per ounce, platinum fell 0.4% to $891.07, while palladium rose 0.3% to $1,100.84.