Gold's 5-Session Record Streak Pauses, But Momentum Remains Upbeat
Gold prices steadied on Thursday after a five-session rally to all-time highs on tensions over trade wars between the world's two largest economies raising worries about economic growth and uncertainty around the future path of U.S. interest rates.
Spot gold edged 0.1 higher to $2,867.93 per ounce by 1214 GMT after hitting an all-time high of $2,882.16 on Wednesday. U.S. gold futures were flat at 2,892.20.
A Relative Strength Index (RSI) reading above 70 indicates overbought conditions, potentially leading to a correction.
While global trade war concerns have accelerated the flight to safety, "growing bets around tariffs rekindling inflationary pressures could bring gold bears back into the picture, especially if this results in higher for longer U.S. rates," said FXTM senior research analyst Lukman Otunuga.
U.S. Federal Reserve officials pointed to the large policy uncertainty around tariffs and issues arising from the early days of Trump's administration as among the top challenges in figuring out where to take the monetary policy in the months ahead.
Market focus is on the non-farm payrolls report on Friday, which could offer insights into the economy's overall strength and Fed policy path.
In other metals, spot silver dropped 0.8% to $32.06 per ounce, and palladium fell 0.4% to $985.50. Platinum rose 1.4% to $993.50.
Sumber : Reuters
