Gold is trading steadily in early Asian trade. Prices remain supported as investors continue to turn to the safe-haven asset as a hedge against uncertainty, given the continued global trade tensions, says Bas Kooijman, CEO and asset manager of DHF Capital S.A. in a note. However, if trade developments lead to inflationary pressures, it could prompt the Fed to remain cautious and hold rates for longer, which could limit gold's rally, Kooijman says.
Geopolitical risks around the Russia-Ukraine conflict could fuel risk-off sentiment and sustain gold's upward price trend in the short term, Kooijman adds. Spot gold is flat at $2,919.07/oz.
Source: Dow Jones Newswires
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