Gold prices reached record highs in Asian trade, defying expectations of U.S. rate cuts. Safe haven demand for gold remained strong due to geopolitical concerns and uncertainty over U.S. rates. Copper prices were also boosted by positive economic readings from China.
Gold prices surged to record highs in Asian trade on Monday, shrugging off easing bets on U.S. rate cuts as safe haven demand for the yellow metal remained buoyant ahead of more cues on the U.S. economy. A rally in gold persisted even as technical indicators showed the yellow metal was squarely in overbought territory - a scenario that usually indicates limited upside potential .The report, released on Friday, showed the U.S. labor market remained strong.
Such a scenario gives the Federal Reserve little impetus to begin trimming interest rates early.showed little strength after the reading, offering gold some more headroom to push higher. Uncertainty over U.S. rates also remained in play ahead of key But worsening global geopolitical concerns also kept safe haven demand for gold alive. The Russia-Ukraine war continue to rage on, with new strikes on the Zaporizhzhia nuclear plant causing some alarm. In the Middle East, concerns over a war between Iran and Israel also remained in play, although Israel was seen holding some peace talks with Hamas in Egypt.Copper was boosted by a string of positive economic readings from top importer China, which showed business activity in the country was picking up. The prospect of tighter refined copper supplies also boosted prices after top Chinese refiners signaled potential production cut
Gold Prices Record Highs Asian Trade Safe Haven Demand Yellow Metal U.S. Rate Cuts Cues U.S. Economy Rally Technical Indicators Overbought Territory Limited Upside Potential U.S. Labor Market Federal Reserve Interest Rates Geopolitical Concerns Russia-Ukraine War Zaporizhzhia Nuclear Plant Middle East War Iran Israel Peace Talks Hamas Egypt Copper Positive Economic Readings China Business Activity Refined Copper Supplies Production Cuts
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