Spot Gold prices are on the rise on Monday.
Markets are expecting Fed rate cuts after middling data.
XAU/USD pushes back into all-time high territory.

XAU/USD rose above $2,100.00 on Monday as markets lean into Spot Gold bids. Investors are ramping up bets of a June rate cut from the Federal Reserve (Fed) after US economic data middled to softened last week.

Markets are jostling into risk-taking position ahead of this week’s key US Nonfarm Payrolls (NFP) report coming up on Friday. Traders will be looking for a softer labor figure to add to the rate cut puzzle, and broad-market hopes for a weakening US economic outlook are crystallizing into XAU/USD buying.

This week also sees the US ADP Employment Change for February as a labor data preview of Friday’s NFP, albeit one with a shaky connection in recent history. Fed Chairman Jerome Powell will also be speaking on Wednesday, testifying before the Financial Services Committee about the Semi-Annual Monetary Policy Report beginning at 15:00 GMT.

US economic data will kick the week off with Tuesday’s ISM Services Purchasing Managers Index for February, expected to soften to 53.0 from January’s 53.4.

XAU/USD TESTS ABOVE $2,100 AS MARKETS BET ON JUNE FED RATE CUT