Gold scaled a record high moving further above $2,100 in a rally sparked by growing bets for a U.S. interest rate cut in June and on safe-haven demand due to the conflict in the Middle East. A wider robust fundamental backdrop added support, including strong physical demand in Asia and central bank purchases. Dollar index and US 10 Yields have been very resilient during this volatility in commodities market, hovering around the 104 and 3.2% mark. The Fed chair Powell’s two day congressional testimony will be closely watched for more clarity on US interest rate path. Bets for a rate cut in June Fed meeting has increased from 40% to ~55% in a month. Gold which is looked as a store of value during times of political and financial uncertainty, has climbed by over $300 since the Israel-Hamas war. However, updates regarding cease fire and an ease off in the war will be important to keep an eye on. US Services PMI and factors data were reported lower than expectations in the previous session. After series of weaker economic data last week focus now shifts to US labour market data scheduled this week, which if reported lower than expectations it could further increase gains for bullions.