Gold price drops pressured by Trump's tariff threats against BRICS nations, rising US bond yields.
US ISM Manufacturing PMI hits a six-month high, contributing to a stronger Dollar, limits Gold's gains.
Mixed signals from Fed officials on rate cuts keep markets cautious; December FOMC meeting closely watched.
Gold prices slump as the last month of the year begins. They edge lower, weighed down by a strong US Dollar sponsored by Trump’s harsh rhetoric on BRICS countries and some easing of geopolitical tensions. The XAU/USD trades at $2,635, down 0.58%.
The golden metal extended its losses after Trump warned BRICS countries that moving away from the Greenback could make them face 100% tariffs “and should expect to say goodbye to selling into the wonderful U.S. Economy,” he added.
Once Monday’s Asian session got underway, XAU/USD plunged to a daily low of $2621 before recovering some ground, but the jump in US Treasury bond yields and the US Dollar Index (DXY) capped Gold’s advance.
Data-wise, the US economic docket featured the release of the ISM Manufacturing PMI for November, which rose to its highest reading since June. Earlier, S&P Global announced that manufacturing activity in the United States (US) improved, indicating that the economy remains robust.
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