Gold price moves within striking distance of all-time peak touched in October
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Gold price catches fresh bids on Friday and resumes over a one-month-old uptrend. Worries about a fresh wave of global trade wars underpin the safe-haven commodity. Bets for more Fed rate cuts weigh on the USD and further benefit the XAU/USD pair. Gold price (XAU/USD) regains positive traction following the previous day’s brief pause and climbs to the $2,777 area, the highest level since October 31 during the Asian session on Friday. Investors remain concerned that US President Donald Trump’s trade policies could trigger trade wars and elevate market volatility, which continues to drive haven flows towards the precious metal. Moreover, the prospects for additional interest rate cuts by the Federal Reserve (Fed) drag the US Dollar (USD) closer to the monthly low and turn out to be another factor that benefits the non-yielding yellow metal. Meanwhile, US President Donald Trump’s comments that he would rather not have to use tariffs on China provide an additional boost to the global risk sentiment, though it does little to dent the bullish sentiment surrounding the Gold price. That said, slightly overbought conditions on short-term charts might hold back bulls from placing fresh bets around the XAU/USD and positioning for any further appreciating move. Nevertheless, the commodity remains on track to register strong weekly gains and has now moved well within striking distance of the all-time peak, around the $2,790 area touched in October. Gold price bulls retain control on Trump uncertainty and weak US Dollar Investors remain concerned about the potential economic fallout from US President Donald Trump’s tariffs, which continues to push the safe-haven Gold price higher on Friday. The US Dollar slides back closer to the monthly trough in reaction to Trump’s remarks on Thursday that he will apply pressure on the Federal Reserve to bring down interest rates. The…
Filed under: News - @ January 24, 2025 4:25 am