Gold Returns to the Throne, Jumps Above the $2,000 Level Again!

<p>&nbsp;To the delight of gold investors at the beginning of this week, the price of gold, which was above the $2,000 level, continued to surge in the Asian morning trading session, reaching a new high of around $2,018.</p><p><br /></p><p>This situation is seen to remain driven by the expectation that the Federal Reserve (Fed) will not raise interest rates again at the December meeting in addition to the fall in the currency of the United States (US) which continued until the last session last week.</p><p><br /></p><p>Meanwhile, the US dollar index (DXY) fell to its lowest level against a group of six major currencies since September at 103.40. Indirectly, it makes the price of gold continue to rise.</p><p><br /></p><p><br /></p><p>The private sector in the US continued to grow relatively slowly in early November. The S&amp;P Global Composite PMI remained at 5.07. In addition, the manufacturing PMI fell to 49.4 and the services PMI rose modestly to 50.8 from the previous reading of 50.6 above the consensus of 50.4.</p><p><br /></p><p>The market now believes that the Fed will adopt a less hawkish stance and is confident of cutting interest rates in the middle of next year to strengthen the US dollar again.</p><p><br /></p><p>This week, gold traders will pay attention to US Gross Domestic Product (GDP) data on Wednesday and Personal Consumption Expenditure (PCE) data on Thursday.</p><p><br /></p><p>Third quarter US GDP is expected to grow from 4.9% to 5.0% while PCE for October is estimated to decrease from 0.4% to 0.1%.</p>