Gold was under pressure after reaching its highest level in over a week, weighed by renewed strength in the U.S. Dollar which benefited from rising U.S. Treasury bond yields. Robust economic data and concerns over potential tariffs and tax cuts heighten inflationary risks and reduce the likelihood of further interest rate cuts and could pressure gold prices. A potential pause in Fed rate reductions in December could also create additional downward risks for gold in the near term.

Attention is now turning to speeches from several prominent members of the FOMC which could provide clarity into the Fed’s policy trajectory, potentially impacting gold's medium term outlook.

Meanwhile, escalating geopolitical tensions between Russia and Ukraine are re-emerging as a key support factor for gold, with safe-haven demand likely to strengthen. Such geopolitical risks could contribute to an appreciation of gold and could continue to provide a foundation for sustained interest in the metal going forward.