Gold Rebounds to Hold $2,900

thecekodok


Gold regained its price level on Tuesday as trade war spurred safe-haven demand.


Positive US jobs data was ignored by the market as bullion remained in high demand.


At 8.50am, gold was at $2,913.82, unchanged from its opening level in early Asian trading on Wednesday.


Sentiment has recently improved as Canada and the US have scaled back their threat to impose tariffs. Concerns about a slowdown in the US economy have weighed on US Treasury yields and the US dollar, which have been a driving force for bullion prices.


Meanwhile, the market is focused on Trump's trade tariffs on aluminium and steel imports due to take effect on Wednesday.


The US Bureau of Labor Statistics (BLS) revealed that job openings increased in January.


On the geopolitical front, Saudi Arabia revealed that Ukraine was ready to accept a ceasefire and Zelensky said he was handing over the US plan to either convince Russia to agree to a ceasefire.


The peace talks have been a barrier to gold prices tending to rise due to geopolitical tensions and recession.


Meanwhile, XAU/USD investors are eyeing the release of the Consumer Price Index (CPI) in the US on Wednesday, followed by the release of the Producer Price Index (PPI) on Thursday.