Iran's unprecedented direct attack on Israeli territory raised the threat of a wider regional conflict in the Middle East, which, in turn, assists the safe-haven (Comex) Gold price to regain some positive traction on Monday.
Israeli officials are in favor of retaliation, though the US clarified that it will not take part in any offensive action against Iran, limiting any immediate market reaction and capping further gains for the XAU/USD.
Investors pushed back their expectations for the first interest rate cut by the Federal Reserve to September from June following the release of hotter-than-expected US consumer inflation figures last week.
Moreover, traders are now pricing in the possibility of less than two rate cuts in 2024 as compared to the three projected by the Fed, allowing the US Dollar to stand tall near its highest level since early November.
The Fed's hawkish outlook, along with the bullish USD, might hold back bulls from placing aggressive bets around the precious metal ahead of the US data – Retail Sales and the Empire State Manufacturing Index.
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