Gold price (XAU/USD) advances to the $2,880 region during the Asian session on Monday in reaction to US President Donald Trump's plans to impose new 25% tariffs on all steel and aluminum imports into the US. The announcement sparks concerns about a global trade war and benefits the safe-haven precious metal. Moreover, expectations that Trump's protectionist policies would reignite inflation turn out to be another factor that underpins the commodity's status as a hedge against rising prices.
Meanwhile, the upbeat US employment details released on Friday and inflationary concerns could limit the scope for the Federal Reserve (Fed) to ease further. This, in turn, assists the US Dollar (USD) in gaining some follow-through positive traction at the start of a new week and could act as a headwind for the Gold price. Apart from this, overbought conditions on the daily chart might hold back traders from placing fresh bullish bets around the XAU/USD in the absence of any relevant US economic data.
Gold price continues to attract safe-haven flows amid persistent worries about Trump's trade tariffs.
Mostly upbeat US jobs data and inflationary concerns could allow the Fed to hold interest rates steady.
A modest US Dollar strength might further contribute to capping the upside for the XAU/USD pair.(Cay) Newsmker23
Source: fxstreet
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data promp...
Gold prices strengthened on Wednesday, supported by a weaker US dollar and falling US bond yields after the latest economic data reinforced the narrative that the Federal Reserve is likely to continue...
Gold experienced a slight correction in the European session on Tuesday (February 10th), but remained above $5,000/oz as the market held its breath ahead of a series of US data that could alter intere...
Gold held above the psychological $5,000 level at the start of the week, supported by a combination of factors that are "right" for the precious metal : physical demand from China, expectations of low...
Gold prices are still struggling to turn an intraday rebound into a sustained rally. After briefly falling to $4,654 (a four day low) and rebounding, prices were again rejected near $4,900. In the Eur...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...