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Gold remained close to a one-week high on Tuesday, as persistent geopolitical tensions continued to underpin safe-haven demand.
The metal’s rebound was triggered by the geopolitical developments in Latin America over the weekend. Concerns about potential escalations could support the metal.
Elsewhere, geopolitical risks remain firmly in focus. Tensions in Eastern Europe continue, clouding prospects for a near-term ceasefire, while the security situation in the Middle East remains fragile, sustaining gold’s appeal.
On the macro side, bullion also drew support from weaker US data. The latest ISM Manufacturing PMI fell unexpectedly to its lowest level since October 2024, highlighting ongoing risks in the industrial sector and a soft employment component. Investors are now looking ahead to key US labour market releases, particularly Friday’s jobs report, with any further signs of weakness likely to reinforce expectations of a more dovish Federal Reserve stance in 2026, which would remain supportive for gold.
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