Gold (XAU/USD) recovers from an intraday dip to $2,620, but lacks strong bullish momentum as concerns over US President-elect Trump's tariff plans and the Russia-Ukraine conflict support demand for safe-haven assets. Meanwhile, expectations of slower Fed rate cuts, fueled by positive US data, boost Treasury yields and the USD, limiting gold's upside. A positive risk tone and thin trading volumes due to a US holiday also weigh on gold's price action.

Gold price bulls are staying on the sidelines due to a stronger USD and a positive risk sentiment.

Nov 28 2024