Gold prices surge in Asian markets as the dollar weakens, remaining close to record highs. Despite stronger-than-expected U.S. inflation data for January, hopes for a Russia-Ukraine peace treaty fueled a risk-on sentiment in broader financial markets. However, gold remained well-bid due to persistent concerns over U.S. interest rates and trade tariffs.
Spot gold rose 0.5% to $2,918.70 an ounce, while gold futures gained 0.6% to $2,947.00 an ounce by 04:59 GMT. Prices hovered near the record high of $2,943.25 an ounce hit earlier this week. Gold prices surge as investors continue to seek safe-haven assets amidst global economic uncertainties.
Former U.S. President Donald Trump stated that Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy had shown interest in peace discussions. U.S. Defense Secretary Pete Hegseth further announced Ukraine’s decision to forgo NATO membership and territorial claims, easing tensions.
While a potential resolution to the conflict triggered a risk-on rally, gold remained resilient due to economic uncertainties. The Federal Reserve signaled caution on interest rate cuts, reinforcing the strength of the U.S. economy. Additionally, trade tariff concerns persisted, with Trump approving a 25% tariff on all steel and aluminum imports. Gold prices surge in response to these economic developments.
Other precious metals also gained, with platinum futures rising 1.2% to $1,057.65 an ounce and silver futures up 0.3% to $32.88 an ounce. However, industrial metals faced mixed movements, with copper futures fluctuating.
Gold prices surge as investors monitor geopolitical developments and inflationary pressures. The sustained demand for the metal highlights its role as a hedge against uncertainty.
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Gold prices surge as the dollar weakens amid Russia-Ukraine peace hopes, despite strong U.S. inflation data. Stay updated on market trends.
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