Gold Price Forecast: XAU/USD pulls back from five-month high, trades near $1,970

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• Gold prices snap the winning streak amid US Dollar rebound.
• Escalation of the Israel-Hamas conflict could limit the downfall in the prices of Gold.
• Greenback receives upward support on improved US Treasury yields.
• Dovish remarks by Fed officials weakened the buck.

Gold price halts the winning streak that began on October 17, trading lower around $1,970 per troy ounce during the Asian session on Monday. While geopolitical tensions between Israel and Hamas typically contribute to a higher demand for gold as a traditional safe-haven asset, the current risk-on sentiment is posing a challenge to the price of gold.