Gold surges 2.5% nearing $5000 per ounce 📈

Gold (GOLD) is posting strong gains today, extending higher despite US macro data that would typically support the dollar. Orders, industrial production and housing figures all came in stronger than expected. The move appears to be underpinned by geopolitical risk premia and by investors positioning ahead of the release of the Fed’s January meeting minutes.

Markets are showing some nervousness linked to heightened US–Iran tensions. At the same time, he notes that for most of February gold has traded within a tight range, without a clear directional trend.
On the geopolitical front, the first round of US-mediated Ukraine–Russia peace talks in Geneva ended after roughly two hours. President Zelenskiy described the discussions as “difficult” and accused Moscow of stalling.
Meanwhile, Iran said it had agreed with the US on a set of “guiding principles” for nuclear talks, while stressing that a final deal is not imminent.
Markets are now awaiting the minutes from the Fed’s January 16–17 meeting (due at 6 PM GMT), against a backdrop of easing labour-market risks and a slowing disinflation trend. Even so, the minutes may offer limited new information, as the market narrative has shifted notably since the last meeting.
The next key catalyst is Friday’s US PCE release (the Fed’s preferred inflation gauge), which will be closely watched for implications for borrowing costs.

Gold, a traditional safe-haven asset, hit a record high of $5,594.82 on January 29. As a non-yielding asset, it typically benefits in a lower-rate environment. Markets currently price in two rate cuts this year, with the first expected in June (per CME FedWatch).

Source: xStation5

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