Gold experienced a positive trend on Monday trading, rising 0.56% as the US (US) market closed in conjunction with the Presidents’ Day celebration.
At 9.15 am, the price of gold was at $2,898.01, unchanged since it opened early in Tuesday’s Asian session.
Last Friday, the yellow metal recorded a significant decline as sentiment on geopolitical uncertainties and unclear US trade policy.
US economic data was mixed last week with CPI and PPI rising more than expected and making the Federal Reserve (Fed) in no hurry to ease its policy.
Fed officials remained cautious as inflation remained stubbornly above 2% with Philadelphia Fed President Patrick Harker saying policy should remain for now and emphasizing that monetary policy is in a good position.
Harker added that the labor market remains strong and they should focus on lowering inflation.
In addition, the peace talks are about President Donald Trump's plan to meet with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky to resolve the war conflict.
The plan is scheduled to take place today, February 18 in Riyadh, with the aim of improving bilateral relations and negotiating an end to the war in Ukraine.
However, Volodymyr Zelenskyy is not expected to attend the talks while the United States and Russia are sending their own delegations for the talks.
