The post Gold rallies back above $2,900 with traders mulling US-Russia talks on Ukraine appeared on BitcoinEthereumNews.com.

Gold sets forth rally and pops above $2,900 at the start of the European trading session on Tuesday.  Markets brace for headlines to come in from Saudi Arabia where US and Russian officials are meeting.  A daily close above $2,910 could put Gold on track for a new all-time high this week.  Gold’s price (XAU/USD) is rallying near 0.50% this Tuesday at the start of the European trading session, with the precious metal trading around $2,910 at the time of writing. US yields are catching up on events after the US President’s Day holiday on Monday. Still, Gold is in favor of traders as a safe haven for tariffs and geopolitical uncertainty.  Meanwhile, Federal Reserve Bank (Fed) President of Philadelphia Patrick Harker advocated on Monday night for the central bank to keep interest rates unchanged. He pointed out that recent inflation reports and gauges are not tracking economic changes that are currently taking place. Federal Reserve Bank of San Francisco President Mary Daly and Federal Reserve Vice Chair for Supervision Michael Barr will speak later this Tuesday at 15:20 GMT and 18:00 GMT, respectively.  Daily digest market movers: Geopolitics take over Goldman Sachs raised its year-end gold target to $3,100 an ounce due to central bank buying and inflows into bullion-backed exchange-traded funds, Reuters reports. Gold shipments from Singapore to the US climbed to the highest level in almost three years in January, a further sign of the ructions in bullion trading after pricing disparities opened up in key markets. Gold shipments from Singapore to the US reached 11 tons in January, up 27% from December, Bloomberg reports. The US administration has asked European nations to explain what security guarantees they’re willing to provide to Ukraine as part of a peace deal. The move followed United States (US) President Donald…

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Filed under: News - @ February 18, 2025 10:24 am