The post Gold makes its ways higher as safe haven while elevated yields spook markets appeared on BitcoinEthereumNews.com.

Gold price moves further above $2,675 and books over 0.50% gains for this Thursday.  Traders favor the previous metal again as an ideal inflation safe haven while global yields surge higher.  Gold price on its way to $2,680 and set to test possible important technical resistance.  Gold’s price (XAU/USD) turns higher again and enters into a third straight day of gains, after breaking and closing above the 55-day Simple Moving Average (SMA) at $2,654 the previous day. The move comes as yields across the globe start to surge due to inflation concerns. Traders are getting worried that inflation could peak again with all the stimulus plans, fiscal reforms, and tariff levies that President-elect Donald Trump has announced in the past few days and weeks.  On the economic data front, this Thursday, all eyes are on the Federal Reserve (Fed), which has a slew of policymakers lined up to speak. Overnight, the Fed Minutes of the December meeting did not provide any new facts on rate expectations for 2025. Meanwhile, markets will keep an eye on Bitcoin, which has sold off substantially this week while yields are soaring. This creates the same set of parameters as in 2023, which resulted in the bankruptcy of the Silicon Valley Bank.  Daily digest market movers: Fed remains rather sidelined US stock markets will remain closed on Thursday, observing a National Day of Mourning in honor of former President Jimmy Carter. The bond market will operate on a shortened schedule, closing early. A $22 billion in 30-year Treasury reopening was awarded at 4.913% vs. 4.920% when-issued yield at the 1 p.m. New York time bidding deadline, the highest result since 2007, Bloomberg reports. US yields are softening a touch, with the 10-year benchmark at 4.673%, off the fresh nine-month high of 4.728% seen on Wednesday.…

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Filed under: News - @ January 9, 2025 2:27 pm