Gold prices extended their winning streak to a third consecutive session on Tuesday, climbing to their highest level in more than two months as investors turned their focus to upcoming U.S. inflation reports for clues on the Federal Reserve’s interest rate trajectory . Spot gold rose 1% to $4,432.74 per ounce by 0217 GMT, while U.S. gold futures advanced 1.7% to $4,492.60 . The metal’s sustained upward momentum follows a 3.6% gain over the previous two sessions, driven by a combination of short-covering, safe-haven flows, and technical buying .
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The current rally reflects growing market conviction that the Federal Reserve may be approaching a policy pivot, following last week’s unexpectedly weak U.S. jobs data . “The move is being driven by a degree of FOMO (fear of missing out) from those who missed the dip to $4,000, some short-covering from speculative accounts, and a return of safe-haven flows,” said Tony Sycamore, market analyst at IG Group . Analysts suggest that a decisive break above the $4,460–$4,500 resistance zone could open the way for a stronger recovery toward the $5,000 level .
