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Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.

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Gold struggles to build on Friday's gains and trades modestly lower on the day near $2,620. The benchmark 10-year US Treasury bond yield edges slightly higher above 4.5%, making it difficult for XAU/USD to gather bullish momentum.

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The EUR/USD pair trades with a soft tone on Monday, with the US Dollar (USD) regaining its strength in a holiday-shortened week. The pair started the day trading at around 1.0430 but currently stands below the 1.0400 mark as the market mood soured throughout the day.

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GBP/USD stays on the back foot and break lower, nearing 1.2500 after the Bank of England (BoE) monetary policy decisions. The BoE maintained the bank rate at 4.75% as expected, but the accompanying statement leaned to dovish, while three out of nine MPC members opted for a cut.

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Gold resumes its decline after the early advance and trades below $2,600 early in the American session. Stronger than anticipated US data and recent central banks' outcomes fuel demand for the US Dollar. XAU/USD nears its weekly low at $2,582.93.

Fx_Jack17 Updated 

Gold opens the week on a moderately positive tone and trades above $2,650, favored by a mild US Dollar (USD) reversal amid lower US Treasury yields. The precious metal, however, is still close to recent lows following a 2.5% sell-off late last week.

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GBP/USD gathers recovery momentum and trades above 1.2650 on Monday, supported by the UK PMI data that showed that the private sector continued to grow in early December. The US economic docket will feature flash PMI readings for December.

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GBP/USD finally broke below the 1.2700 mark in the American session, as sentiment shifted to the worse, following dismal US employment and inflation-related data. The poor performance of stocks and an uptick in Treasury yields boost demand for the US Dollar.

Fx_Jack17 Updated 

EUR/USD holds lower ground near 1.0550 in European trading on Wednesday. The US Dollar resurgence alongside the US Treasury bond yields higher weighs on the pair. Meanwhile, ECB reported Negotiated Wage Rates rose 5.42% in Q3 but this data failed to support the euro.

Fx_Jack17 Updated 

"Gold price hits a fresh two-week top during the first half of the European session on Friday, with bulls now looking to build on the momentum further beyond the $2,700 mark. This marks the fifth successive day of a positive move and is fueled by the global flight to safety amid persistent geopolitical tensions stemming from the intensifying Russia-Ukraine war."

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Gold price retreats after touching a one-and-half-week top earlier this Wednesday and drops to a fresh daily low, below the $2,630 level heading into the European session. A goodish pickup in the US Treasury bond yields, bolstered by bets for a less aggressive policy easing by the Fed, revives the USD demand and undermines demand for the non-yielding yellow metal.

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The Japanese Yen continues losing ground amid the BoJ rate-hike uncertainty. The bullish USD contributes to the USD/JPY pair’s move-up to a multi-month top. The JPY bears shrug off the possibility of an intervention by Japanese authorities.

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EUR/USD is accelerating its decline toward 1.0500 in the European session on Thursday, refreshing yearly lows. The Trump trades-driven unabated US Dollar demand and German political instability weigh on the pair. Traders await EU GDP data and US PPI report ahead of Fed Chair Powell's speech.

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Gold price touches its lowest level since September 19, around $2,550 area during the early part of the European session on Thursday. The US Dollar buying remains unabated in the wake of optimism over the expected expansionary policies by US President-elect Donald Trump.

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Following the early breakdown of the key $2,600 mark, prices of Gold now manages to regain some composure and reclaim the $2,600 level and beyond amidst the persistent move higher in the US Dollar and the rebound in US yields.

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Bitcoin price hit a new all-time high of $76,825 on Thursday, November 7, and continued to consolidate above the $76,000 level on Friday. On-chain data trends show unusually high demand for BTC among US-based traders on Coinbase over the past two weeks.

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EUR/USD drops below 1.0700 in European trading on Monday. The pair is weighed down by the German political risks and extended US Dollar strength, as traders brace for the key US inflation data later this week. US holiday-led thin trading is likely to extend.

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GBP/USD builds its recovery momentum above 1.2900 in European trading on Thursday, moving away from its lowest level since mid-August. Traders adjust their positions ahead of the key BoE and Fed monetary policy announcements.