Gold Price Retreats Toward $2,650 Amid Market Jitters
Gold prices are pulling back from recent highs near $2,670, trading around $2,650 early Thursday. Despite strong demand for safe-haven assets amid rising risk aversion, the US Dollar’s resurgence and mixed market sentiment are weighing on the precious metal.
Key Drivers Behind Gold’s Retreat
Haven Demand Shift to USD:
Risk aversion sparked by global uncertainties has boosted demand for the US Dollar. This has countered gold’s typical safe-haven appeal, keeping XAU/USD gains in check.
Trump’s Tariff Speculations:
Reports suggest President-elect Trump may invoke the International Economic Emergency Powers Act (IEEPA) to impose sweeping tariffs, further unnerving markets. While this news rattled sentiment, it simultaneously supported the Greenback.
FOMC Minutes Awaited:
Investors are looking ahead to the Federal Open Market Committee (FOMC) Meeting Minutes for insights into the Fed’s decision to cut rates and its future policy path.
What’s Next for Gold?
With holiday-thinned liquidity and growing geopolitical uncertainties, gold traders will closely monitor Fedspeak and any updates on Trump’s tariff plans.
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