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Gold Prices Rise Amid Geopolitical Tensions and US Economic Uncertainty

Gold prices are rising in early Monday's European session, driven by safe-haven demand amid uncertainties related to the upcoming US presidential election and persistent tensions in the Middle East. These geopolitical dynamics enhance Gold's attractiveness as investors seek refuge in a volatile environment.

Market participants are particularly attentive to the election results scheduled for Tuesday, as well as the Federal Reserve's rate decision later this week. The latest Nonfarm Payrolls report showed a disappointing increase of only 12,000 jobs in October, the smallest gain since December 2020. This figure falls well below the revised increase of 223,000 in September (initially reported as 254,000) and is significantly less than the market consensus of 113,000. The weaker job growth contributes to a cautious market sentiment, which could impact the Fed's policy direction in the near term.