Gold prices are rising despite continued strength in the U.S. dollar, according to Gold10. Traders are looking for signals on the direction of future monetary policy. Geopolitical tensions, U.S. tariff concerns and central bank buying are supporting gold prices.
However, the resilience of the U.S. labor market reduces the possibility of aggressive interest rate cuts by the Federal Reserve, bringing uncertainty to gold. Quasar Elizundia, a research strategist at Pepperstone, said that gold is hovering between a stronger dollar, inflationary pressures, expectations of the Federal Reserve's policies and geopolitical uncertainties.