Gold Price Forecast: XAU/USD pulls back from five-month high, trades near $1,970

Gold price halts the winning streak that began on October 17, trading lower around $1,970 per troy ounce during the Asian session on Monday. While geo

Gold prices snap the winning streak amid US Dollar rebound. Escalation of the Israel-Hamas conflict could limit the downfall in the prices of Gold. Greenback receives upward support on improved US Treasury yields. Dovish remarks by Fed officials weakened the buck. political tensions between Israel and Hamas typically contribute to a higher demand for gold as a traditional safe-haven asset, the current risk-on sentiment is posing a challenge to the price of gold.

Furthermore, Fed Cleveland President Loretta Mester stated that the Fed is "at or near the peak of the rate hike cycle." However, Mester also acknowledged that the data released in the previous week could influence the central bank's decision regarding the future of monetary policy. Federal Reserve Chairman Jerome Powell, in the previous week, made it clear that the central bank is not planning an immediate rate hike.

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