After posting its largest one-week gain since March, Gold has continued to rise for a second consecutive week and reached its highest level in three m
XAU/USD registered impressive gains for the second straight week. Gold continues to shine as the go-to safe-haven asset. The near-term technical outlook points to overbought conditions. onths above $1,980, fuelled by safe-haven demand. Next week’s economic docket will offer several high-tier data releases that could potentially impact XAU/USD’s action, but investors are likely to stay focused on headlines surrounding the Israel-Hamas conflict.
The upsurge in yields could be a product of heightened uncertainty surrounding the upcoming US budget negotiations ahead of the November 17 government shutdown deadline. In a televised speech on Thursday, US President Joe Biden said that he will ask Congress to approve extra funding to aid Israel. Citing a person familiar with the matter, Reuters reported that the funding would total $14 billion. In the meantime, Republicans are yet to approve the next House speaker.
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