GOLD: Marking the Eighth Record High of the Year!
Early Wednesday (February 12) Asian market, spot gold narrowly oscillated, currently trading near 2894 U.S. dollars / ounce, the price of gold on Tuesday rushed back down, because investors in the price of gold hit a new record high after profit-taking, the Federal Reserve chairman of the congressional testimony that there is no rush to cut interest rates, but also the formation of the gold price suppression, but due to the fear of U.S. President Donald Trump's new tariffs measures will trigger a global trade war, investors remain bullish on gold prices.
Spot gold closed down 0.36 percent at $2,897.38 an ounce on Tuesday, after hitting a high of $2,942.70 earlier in the session, marking the eighth record high of the year.
“Just seeing some short-term futures traders taking profits ...... The market rally is a little overdone and is in need of some downside corrective pressure and some chart-based consolidation.”
Fed Chairman Jerome Powell testified before the Senate Finance Committee on Tuesday that the Fed is in no hurry to cut interest rates given that the economy is “generally strong” and inflation remains above its 2 percent target.
In his first congressional hearing since Trump's inauguration, Fed Chairman Powell acknowledged the strong performance of the economy when Trump took over, but he chose to shy away from questions about tariffs, Musk's role in the administration, and the security of bank accounts, which reflect the uncertainty of the early days of the new administration.
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