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The price of gold reached a new all-time high on Monday, as speculation grew on what the Federal Reserve could do with rates in the coming months.

Following Fed Chair Jerome Powell’s speech on Friday, many have hinted that the bank may no longer hike rates in December.

In addition to this, some believe that a cut in rates could begin as soon as March 2024, should inflation continue to ease.

This week’s non-farm payrolls could be key to that, as it will show how much impact high rates are having on the labor market.

XAUUSD peaked at $2,148.78 earlier in the day.

 

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