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\n Share:<\/span><\/p>\n Gold price (XAU\/USD) fell below the $2000 mark late in the New York session, registering losses of 0.42% as market participants trimmed some of last Friday\u2019s gains amid fears the conflict in the Middle East could spread in the region. XAU\/USD is trading at $1997.60 after hitting a daily high of $2006.77.<\/p>\n Geopolitical risks continue to be the main driver of Gold prices. Last Friday\u2019s jump above the $2000.00 mark was sponsored by Israel launching its ground offensive against Hamas as it entered the Gaza Strip. Consequently, traders seeking safety witnessed a flight to safe-haven assets as XAU\/USD rallied from \u00a0\u00a0$1980.00 to $2000.00.<\/p>\n Given that the Israel offensive hasn\u2019t been as strong as expected, woes faded as Gold prices dipped below the $2000 mark. Despite all that, Jim Wyckoff, analyst at Kitco, noted that \u201cthe Middle East conflict is keeping a floor under gold and silver<\/a> markets. I remain bullish on gold, the conflict will get worse before it gets better, gold can hit all-time high in the near term.\u201d<\/p>\n US Treasury bond yields had continued to rise as the US bond sell-off extended. The US 10-year benchmark note rate is 4.88%, up five basis points, a headwind for XAU\/USD prices. In the meantime, the Greenback remains weak, even though US Treasury bond yields climbed, as the US Dollar Index<\/a> lost 0.42% and sits at 106.13.<\/p>\n Market participants’ focus shifted to the US Federal Reserve\u2019s (Fed) monetary policy. Powell and Co. are expected to hold rates unchanged but would likely keep their options open for higher interest rates<\/a>. Any dovish tilts could underpin XAU\/USD prices toward higher levels.<\/p>\n\n
XAU\/USD registers losses as market participants trim gains amid shifting geopolitical risks<\/h2>\n
XAU\/USD Price Analysis: Technical outlook<\/h2>\n