Gold's recent decline reflects the pressure of a strong U.S. dollar, bolstered by hawkish Federal Reserve messaging, challenging its status as a safe haven.
Geopolitical tensions continue to provide some support for gold despite its underlying weaknesses, highlighting its role as a refuge during uncertain times.
The improvement in U.S. manufacturing PMI signals stronger economic forecasts, which in turn elevates the dollar and diminishes the attractiveness of gold for investors.
The Federal Reserve's slower than expected interest rate cuts diminish gold's appeal, leading investors to prefer assets that yield higher returns amid rising borrowing costs.
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