Gold Price (XAU/USD) extends its upside above the mid-$2,150 during the early Asian trading hours on Tuesday.
Gold Price extends gains around $2,171 amid the weaker USD. The upward momentum of gold prices is supported by the expectations of rate cuts by the Fed this year. The escalating geopolitical tensions in both Eastern Europe and the Middle East might lift the gold price. Gold Price extends its upside above the mid-$2,150 during the early Asian trading hours on Tuesday.
Traders have priced in a 70% probability of a June rate cut, versus 65% before the Fed's March meeting last week. Russia carried out one of its most massive missile and drone attacks on Ukraine's energy infrastructure overnight into Friday since the start of its full-scale invasion more than two years ago, per CNN. That being said, the rising geopolitical tensions in both Eastern Europe and the Middle East could boost the safe-haven flows and benefit the gold price.
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