Gold prices surged to unprecedented levels, reaching $2,276 late in the North American session, despite the backdrop of heightened geopolitical risks and elevated US Treasury yields. Investors sought refuge in safe-haven assets following the release of economic data from the United States (US), propelling the yellow metal to new heights. As of the latest update, XAU/USD is trading at $2,280, marking a gain of over 1%.
The recent Israeli attack on an Iranian embassy in Syria on April 1 significantly contributed to the upward momentum of gold prices, despite witnessing a surge in US yields and a robust US Dollar on Monday. Additionally, data from the US Bureau of Labor Statistics (BLS) revealed an increase in job vacancies, underscoring a tight labor market. Concurrently, the US Census Bureau reported an improvement in Factory Orders.
Meanwhile, Federal Reserve (Fed) officials made notable statements, with Cleveland Fed President Loretta Mester and San Francisco Fed President Mary Daly among those making remarks.
