Gold gained a little positive trend at the beginning of trading despite being influenced by the increase in the United States (US) yield and market participants are now busy examining the US economic data which will be a further indication of the Federal Reserve (Fed) in the implementation of the next policy easing.
At 9.25am, the price of gold was at $2,747.24, up 0.22% since it opened in early Asian trading on Tuesday morning.
The 10-year US Treasury yield rose three basis points at 4.272% and capped the yellow metal's gains to hold on to its highest position as analysts forecast the $2,800 level to be touched by the end of the year.
In addition, market participants will also be watching the development of the United States presidential election in November.
Based on the data, Trump's chances of winning the election increased to 52% compared to Kamala Harris's 48%.
For now, investors will be looking forward to key data releases throughout the week featuring labor data such as JOLTS, ADP Employment Changes, Jobless Claims and Non-Farm Payrolls.
Not to forget, other data such as GDP for the third quarter of 2024, ISM Manufacturing PMI and PCE figures which are the Fed's measure of inflation.
The geopolitical conflict returned to the spotlight at the weekend after Israel fired missiles at several military targets in Iran while avoiding energy centers and nuclear facilities.
