Gold climbs closer to overnight swing high despite trade optimism, firmer USD
The post Gold climbs closer to overnight swing high despite trade optimism, firmer USD appeared on BitcoinEthereumNews.com.
Gold price regains positive traction following the previous day’s range-bound price moves. Trade-related uncertainties and geopolitical risks underpin the safe-haven precious metal. A modest USD strength might cap the XAU/USD ahead of the critical US inflation figures. Gold price (XAU/USD) attracts fresh buyers during the Asian session on Wednesday and climbs back above the $3,340 level in the last hour, closer to the weekly high touched the previous day. A federal appeals court ruled on Tuesday that US President Donald Trump’s sweeping tariffs can temporarily stay in effect, adding another twist to the trade saga. This, along with rising geopolitical tensions, is a key factor underpinning demand for the safe-haven commodity. Apart from this, the growing acceptance that the Federal Reserve (Fed) would step in to support the economy and slash rates in September further benefits the non-yielding Gold price. Meanwhile, a positive outcome from the high-stakes US-China trade talks boosts investors’ confidence, as evident in the upbeat market mood. Moreover, a modest US Dollar (USD) uptick is holding back traders from placing aggressive bullish bets around the XAU/USD and capping the upside. Daily Digest Market Movers: Gold price benefits from a favorable update on Trump’s tariffs US President Donald Trump received a favorable update on Tuesday as a federal appeals court ruled that his “Liberation Day” tariffs can temporarily stay in effect. Last month, the US Court of International Trade blocked the implementation of Trump’s tariffs, saying that the method used to enact them was unlawful. The latest development comes as the US and China, following two days of talks in London, agreed on a framework to implement the Geneva Consensus and ease trade tensions. US Commerce Secretary Howard Lutnick indicated the deal should resolve issues between the two countries surrounding rare earths and magnets. Russia continues with its…
Filed under: News - @ June 11, 2025 4:17 am