Gold prices rose for a fifth consecutive session to start the week, following comments from President Biden in regards to Taiwan and China. Taiwan, which continues to fight for its independence from China, has long wanted support from the US in this battle, with Biden today given some words of encouragement.
On Monday, Biden stated , “We agree with a one-China policy. We’ve signed on to it and all the intended agreements made from there. But the idea that it (Taiwan) can be taken by force, just taken by force, is just not, is just not appropriate”.
When asked if a possible invasion would result in a similar situation to Russia and Ukraine, Biden said, “Yes”. XAUUSD is now trading at a three-week high.
Looking forward for today, the US will release its Flash Manufacturing and Services PMIs as well with the New Home Sales figure.
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