Gold Prices Influenced by Geopolitical Tensions and U.S. Economic Data

According to Odaily, analyst Giuseppe Dellamotta has indicated that gold prices continue to be supported by geopolitical tensions and weak U.S. economic data. The bullish momentum remains strong, but the upcoming U.S. non-farm payroll report on Friday could pose a challenge. Although the previous report's credibility was questioned due to government shutdown-related issues, the current data is expected to provide a clearer economic picture. Strong data might lead to a significant pullback in gold prices as traders may delay expectations of an imminent Federal Reserve rate cut. Conversely, weak data should continue to support the upward trend in gold prices. Additionally, the U.S. Supreme Court has set Friday as the opinion release day, potentially ruling on U.S. President Donald Trump's tariff policies. If the tariffs are overturned, the alleviation of stagflation risks could lead to a decline in gold prices. On the other hand, if the tariffs remain unchanged, it may not cause significant fluctuations but will continue to support the upward trend in gold prices.