Gold's price (XAU/USD) surges again and reaches a fresh all-time high currently at $3,031 on Tuesday. The precious metal trades around $3,029 at the time of writing ahead of some important events set to take place. The rise comes after Israel executed military operations on possible Hamas tactical positions and buildings. The move is seen as the end of the ceasefire deal, which started in January and is likely to bring more Red Sea attacks by Houthi rebels and retaliation by Hamas as a counter-response to the recent intervention by Israel.
The ceasefire failure comes just hours before United States (US) President Donald Trump has a phone call with Russian President Vladimir Putin to reach a final deal to end the war in Ukraine. Concerns are plentiful after Trump said on Sunday that Russia and the US are dividing assets amongst themselves, which would mean that Ukraine has no word in the process while Trump bypasses the North Atlantic Treaty Organisation (NATO) and the European Union (EU). Meanwhile, the German parliament, the Bundestag, will vote this Tuesday on a new budget that could boost defense spending by roughly $49 billion, Bloomberg reports.
Just hours before the possible historic phone call between US President Trump and Russian President Putin, details are leaked on the demands from Russia before concluding a deal. One of those demands is that President Putin demands an immediate end to the arms being delivered to Ukraine, according to Bloomberg.
Several analysts are pointing out that sluggish US data is another driver that benefits Gold. The influx of buyers on this commodity on Monday after rather sluggish US Retail Sales numbers shows that as the economic sentiment in the US turns, Gold is benefiting from traders looking for safe-haven assets, Bloomberg reports.
With the upcoming Federal Reserve (Fed) meeting on Wednesday, the odds to keep interest rates at the current range are at 99%. Meanwhile, rate cut odds for next June's meeting are at 68.6%, according to the CME Fedwatch tool.
The global Silver market is under stress as trade-war concerns unsettle investors, with key indicators flashing red, millions of ounces on the move between trading hubs, and months of disruption in prospect. A surge in rates to borrow the precious metal has become the latest sign of alarm, according to Yahoo Finance.
Source: Fxstreet
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