Gold started the opening trade early this week with a strong price surge successfully displayed on Monday yesterday.
As the market is on alert this week awaiting the United States (US) inflation data to be published, gold climbed 1% yesterday to reach around $2,470, the highest price level since August 2.
Risky market sentiment with warmth in the Middle East is seen increasing demand for the safe-haven asset of gold.
Investors are now increasingly optimistic about the movement of gold which is on track to break the all-time high in history that was reached last July at a peak of $2,483.
Gold's further movement will be driven by the US consumer inflation figures that will be published on Wednesday which will influence the monetary policy setting decision by the Federal Reserve (Fed).
Inflation indicators prompting the Fed to ease policy have the potential to support gold prices rising higher following expectations of a significant weakening of the US dollar.
This situation will simultaneously increase the forecast for gold's latest record achievement in history surpassing the level reached last July.
For the current price movement on the XAU/USD chart, the price of gold yesterday managed to increase from $2,430 to reach $2,470.
Continuing trading in the Asian session this morning, the price hovered around $2,476 testing the resistance zone at the beginning of last August before easing slightly to around $2,460.
