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Gold price (XAU/USD) extends upside ahead of US President Joe Biden’s visit to Israel amid deepening Middle-East tensions and the speech from Federal Reserve (Fed) Chair Jerome Powell, which is expected to provide significant guidance on interest rates. Investors hope that Powell will favor a neutral monetary policy and join other Fed officials who recently said higher bond yields are sufficient to tame inflation.The precious metal remains upbeat even as the United States Census Bureau reported a better-than-anticipated Retail Sales report for September. Retail Sales increased 0.7% in September compared with the previous month, against expectations of a 0.3% increase, although growth remained below the 0.8% recorded in August. The increase in Retail Sales was partly driven by higher gasoline prices (Retail Sales data aren’t adjusted for inflation and thus reflect price changes). Retail Sales excluding automobiles were up 0.6% against estimates of 0.2% but failed to match the former release of 0.9%. Strong Retail sales data, one key gauge of consumer spending, suggests strength in the broader US economy. The US Dollar Index recovered strongly to near 106.50.

⚡️Gold prices (XAU/USD) surge, trading at $1,929.20, reflecting a gain of over 3% amidst the escalating Israel-Palestine conflict. Shift from aerial to ground operations in Gaza by Israel intensifies geopolitical tensions, bolstering safe-haven assets.⚡️Deteriorating US Consumer Sentiment and dovish remarks from Philadelphia Fed President Patrick Harker apply pressure to US Treasury yields. Gold price (XAU/USD) is sustaining an outstanding rally on Friday as geopolitical tensions rise in the conflict between Israel and Palestine. Traders seeking safety flock towards the yellow metal amid times of uncertainty, while the Greenback (USD) is also advancing. The XAU/USD is trading at $1,929.20 a troy ounce, gains more than 3%, after bouncing from daily lows of $1,868.69⚡️The daily chart shows that the price of gold is increasing rapidly, breaking the trendline and heading towards the nearest resistance area, the 1945 price zone. Given the tense war situation, gold could break this threshold to rise to the 2000 level.Investor sentiment has broadly returned to risk-on after last week's souring.the raging Israel-Hamas conflict might continue to benefit the Gold price.Gold price consolidates in a tight range around $1,920.00 as investors await the speech from Federal Reserve Chair Jerome Powell, which is scheduled for Thursday.

US Treasury yields continue to rise and weigh on the precious metal. Geopolitical tensions in the Middle East may limit the downside potential.At the beginning of the week, the XAU/USD retreated towards $1,920 and consolidated Friday’s rally, which saw the spot price rising by more than 3%. Markets will remain quiet on Monday, and investors await Tuesday’s Retail Sales figures from the US from September to continue placing their bets on the Federal Reserve's (Fed) next decisions. As for now, US Treasury yields are rising and may suggest that markets are gearing up for one more hike by the Fed in 2023, and as long as hawkish bets remain elevated, the yellow metal may have difficulty finding demand. The 2, 5 and 10-year yields rose to 5.08% and 4.70%, with all three seeing more than 0.50% increases.On the positive side, tensions escalate in the conflict between Israel and Hamas, and the precious metal may benefit from market participants seeking refuge in safe-haven assets.Geopolitical risk and the uncertainty over the Fed’s rate-hike path should help limit losses.Gold prices jumped 6% in the past week, primarily due to the Israel-Hamas war. Economists at ANZ Bank analyze the yellow metal’s outlook.