Gold Prices Retreat from Record Highs as Powell Testimony Looms
February 11, 2025 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas releases market commentary from Ruben Ferreira - Head of Portuguese Operations at FlowCommunity.
Gold prices experienced some profit-taking today as markets awaited Federal Reserve Chairman Powell's testimony, following the precious metal's recent climb to record highs. The surge had been driven by strong safe-haven demand amid escalating trade tensions and economic uncertainty.
Market participants will closely monitor Federal Reserve Chair Jerome Powell's semiannual testimony to lawmakers, scheduled for Tuesday and Wednesday, seeking insights into the future direction of US monetary policy. Powell is expected to emphasize the economy's resilience as a key factor in the central bank's cautious approach to interest rate cuts. Additionally, upcoming inflation data this week will be crucial for market expectations regarding the Fed's rate cut timeline, which could introduce some volatility in gold prices over the next few days.
Recent geopolitical developments have strengthened gold's appeal as a safe-haven asset. President Donald Trump's implementation of comprehensive tariffs on steel and aluminum imports into the United States, along with signals of new reciprocal tariffs, has heightened concerns about trade war risks of widespread economic damage. Additionally, geopolitical tensions intensified in the Middle East, raising fears of renewed conflict. Supporting gold's positive outlook, central bank purchasing activity has remained robust, with the People's Bank of China (PBoC) reporting an increase in its gold reserves for the third straight month in January.
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