Gold rose further to surpass the $2,860 per ounce mark in February, a fresh record, tracking the gains for US Treasuries amid growing expectations of lower interest rates and lingering concerns of geopolitical risk and barriers to global trade. US services sector activity tracked by the ISM rose less than expected in January and prices faced by firms decelerated. Consequently, rate traders increased positions that reflect two rate cuts by the Federal Reserve this year, aligning with the last FOMC projections. Also, the ECB and the BoC lowered rates with the latter ending quantitative tightening, while the RBI and the BoE are both expected to deliver cuts this week. In the meantime, China signaled it will impose tariffs on US energy imports next week in retaliation to US levies that already took force, risking potential global growth. Sentiment was also pressured by US President Trump's signal that he may send US forces to the Gaza Strip.(Cay) Newsmaker23
Source: Trading Economi
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