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Gold prices edged lower during Monday’s North American session, fluctuating within the $2,630 to $2,659 range. The yellow metal is currently trading at $2,645, reflecting a loss of 0.30%.
The increase in US Treasury bond yields has capped gold’s potential gains, while ongoing tensions in the Middle East have prevented further declines.
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Market Sentiment Affected by Middle East Tensions
The mood in the markets has worsened due to the ongoing war in the Middle East. Fighting has intensified as Israel continues its ground operations in Lebanon, while Hamas has launched rockets at Tel Aviv. Hopes for a ceasefire have diminished as the conflict expands, now involving other groups, including the Houthis, who have attacked ships in the Red Sea.
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