ING Analysts commented that flows toward XAU were due to the banking crisis. Analysts noted, “US data showed the job market is loosening, fuelling expectations that the Fed is nearing the end of its monetary tightening cycle.”
“Markets will be keeping a close eye on the US jobs report later this week and whether this takes the gold market to striking distance of its all-time high of US$2,075.47/oz made in August 2020,” according to ING.
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