The post Gold resumes its rally and defies headwinds appeared on BitcoinEthereumNews.com.

Gold is on the forefront again and resumes its rally mode.  Headwinds remain with a possible peace deal for Ukraine and US inflation concerns.  Gold is back on its way to test the all-time high at $2,942. Gold’s price (XAU/USD) soars again and resumes its rally near $2,920 at the time of writing on Thursday, with 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.  Daily digest market movers: Geopolitics take over US President Donald Trump said that Hamas must release all hostages by noon on Saturday or ‘all hell will break loose’, Reuters reports.  Ukraine talks are spurring risk assets and the Euro (EUR) against the US Dollar (USD). This, in turn, triggers a softer US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, which is beneficial for Gold.  After the hotter-than-expected January CPI reading, the CME FedWatch tool…

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Filed under: News - @ February 13, 2025 10:19 am