Gold's price (XAU/USD) is rallying after traders bought Wednesday's dip and are driving prices back up to $2,920 at the time of writing on Thursday, while Bullion traders shrugging off the United States (US) Consumer Price Index (CPI) data for January released on Wednesday. Traders are also ignoring the possibility of a peace deal formation with United States (US) President Donald Trump and Russian President Vladimir Putin, who have spoken on the phone to outline a meeting soon to work out the broad strokes of a peace deal. Despite these quite substantial tail risks, Gold is rallying again, revealing a firm commitment from traders to keep residing in the safe haven asset.
Meanwhile, traders are digesting Federal Reserve (Fed) Chairman Jerome Powell's two testimonies at Capitol Hill before lawmakers.
The release of January's Consumer Price Index (CPI) numbers on Wednesday proved that the Fed has the right angle to keep rates steady for longer.
US yields surged during the past two days, though with the pickup in Gold buying, the question will be whether US yields can keep rising in tandem with an uptick in Gold, which is a bit contradictory.
Source: FXStreet
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