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Investing.com- Gold prices rose in Asian trading on Monday as traders keenly awaited US President Donald Trump’s inauguration speech, awaiting clues about his administration’s policies and potential indicators. available on future charges.
rose 0.3% to $2,709.3 a pound, while ending February gained 0.1% to $2,750.01 onuns at 01:13 ET (06:13 GMT).
Traders are bracing for uncertainty about the incoming Trump administration
Gold traders are looking for a reversal as Trump begins his second term, with his expected policy announcements expected to influence market sentiment.
Precious metals, traditionally viewed as safe-haven assets, saw prices settle near one-month highs, boosted by subdued US inflation data that raised expectations of further cuts in the economy. the Federal Reserve rate.
Market sentiment is currently shaped by the interaction between potential US policy changes and the Federal Reserve’s monetary stance. Analysts suggest that a strong start to Trump’s term could further support the dollar, while a gradual approach could weaken it, thereby affecting gold prices.
It was down 0.3% in Asian hours on Monday, lending support to the yellow metal.
A weaker dollar often boosts gold prices because it makes the metal cheaper for buyers using other currencies.
Additionally, recent data showing price pressures have led investors to expect accommodative monetary policy, which normally supports gold prices.
Despite these facts, gold’s gains have been weakened by political developments, such as the cease-fire agreement between Israel and Hamas, which may stimulate the need for a safe haven.
As the market navigates these challenges, traders remain vigilant, watching closely for Trump’s moves to gauge their impact on gold.
Other precious metals were significantly reduced. they were unchanged at $965.25 an ounce, while rising 0.4% to $31.25 an ounce.
Copper has eased as business tax woes continue to weigh heavily
Among industrial metals, copper prices fell as a combination of expected US tariffs, expectations of a stronger dollar, and investor caution ahead of Trump’s inauguration, which is measured in red metal.
.Although increased Chinese imports and lower commodity prices have provided some support to copper prices, traders remain cautious.
During periods of rising tariffs and trade tensions, such as mid-2018 and mid-2019, copper prices fell sharply as investors anticipated reduced demand from China, a major copper buyer. the greatest in the world.
The benchmark on the London Metal Exchange fell 0.3% to $9,166.00 a tonne, while February was also 0.3% lower at $4.341 a pound.
