• Gold price attracts some haven flows on Monday amid rising geopolitical risks. 
• The USD remains on the defensive below a one-year high and also lends support.
• Bets for less aggressive Fed rate cuts and elevated US bond yields to cap gains. 

Gold price (XAU/USD) gains strong positive traction on Monday and reverses a part of last week's sharp decline to the lowest level since September 12. The commodity, for now, seems to have snapped a six-day losing streak and is supported by reviving safe-haven demand, bolstered by the risk of a further escalation of geopolitical tensions. Apart from this, subdued US Dollar (USD) price action is seen as another factor offering some support to the precious metal.

The upside for the Gold price, however, seems limited in the wake of expectations that US President-elect Donald Trump's policies will likely rekindle inflationary pressures and limit the scope for further rate cuts by the Federal Reserve (Fed). This has been a key factor behind the recent upsurge in the US Treasury bond yields, which should continue to act as a tailwind for the Greenback and keep a lid on any meaningful appreciation for the non-yielding Gold price.