XAUUSD

This week's gold pricing will primarily focus on the performance of the US Dollar in global markets and the economic indicators coming from the US. Traditionally considered a safe-haven asset, gold often exhibits a negative correlation with the US Dollar. The weekly unemployment claims, manufacturing and services sector PMI preliminary data, existing home sales to be announced on Thursday, and new home sales to be released on Friday will have a direct impact on gold prices as they will be decisive for the value of the US Dollar. Weak data from the US economy could reinforce expectations that the Federal Reserve's (Fed) interest rate hike cycle is nearing its end, putting pressure on the Dollar index, which could be a factor increasing gold demand. Additionally, inflation data from the Eurozone on Monday and from the United Kingdom on Wednesday could shape investor interest in gold as a hedge against inflation by influencing the global inflation outlook. Changes in global risk appetite are also another factor to be considered in gold pricing.