Gold Prices Rise Amid Buying Interest and Economic Data Focus

According to Odaily, gold prices reversed earlier losses on Monday, climbing nearly 1% to $3,349 per ounce during the U.S. trading session. This increase followed an earlier decline of 1.8%, driven by bargain buying as the market turned its attention to trade developments and various economic data. Daniel Ghali, a commodity strategist at TD Securities, noted initial signs of selling momentum exhaustion, suggesting that the downside risk for gold is extremely limited. Ghali highlighted that Western investors, particularly independent traders or macro funds, were significantly underinvested during the previous gold rally, resulting in limited selling activity and contributing to the price increase.