Gold spikes amid tensions but can’t shake off weekly losses

• Gold gains 0.67% in late session, but geopolitical strife keeps it above $2,600 despite monthly losses.
• Escalation in Russia-Ukraine conflict and Middle East tensions underline Gold’s safe-haven appeal.
• Market optimism grows for a 25 bps Fed rate cut in December, bolstering Bullion’s short-term prospects.

Gold’s price advanced late during the North American session on Friday, up by 0.67%, yet it remains set to print monthly losses of over 3%. Geopolitical risks continue to drive price action with the non-yielding metal fluctuating at around $2,600. The XAU/USD trades at $2,652 after hitting a daily low of $2,634.

Geopolitical tensions eased in the Middle East after Israel and Lebanon agreed to a ceasefire. Nevertheless, both countries accused each other of violating the agreement.