The post Gold price stands firm near record high; overbought RSI warrants caution for bulls appeared on BitcoinEthereumNews.com.
Gold price attracts buyers for the fourth straight day amid worries about Trump’s tariffs. Bets for more Fed rate cuts and inflation concerns further benefit the XAU/USD pair. Rebounding US bond yields and a modest USD uptick might cap gains for the commodity. Gold price (XAU/USD) trades with a positive bias around the $2,820 region during the Asian session on Tuesday and remains close to the all-time peak touched the previous day. Investors remain concerned about the potential economic fallout from US President Donald Trump’s trade tariffs, which is seen driving flows towards the safe-haven bullion for the fourth straight day. Furthermore, expectations that Trump’s protectionist policies would result in higher US inflation further benefit the precious metal’s status as a hedge against rising prices. Apart from this, bets that the Federal Reserve (Fed) will lower borrowing costs twice by the end of this year suggest that the path of least resistance for the non-yielding Gold price remains to the upside. Meanwhile, Trump’s decision to temporarily pause tariffs on Mexico and Canada, after striking a border security deal with both nations, boosts investors’ confidence. This is evident from a generally positive tone around the equity markets. The risk-on flow pushes the US Treasury bond yields higher and might cap the upside for the precious metal. Gold price continues to attract haven flows on the back of trade war fears US President Donald Trump’s tariff plans continue to fuel concerns about a global trade war and its impact on the economy, lifting the safe haven Gold price to a fresh all-time peak on Monday. The Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers’ Index climbed from 49.3 in the previous month to 50.9 in January, beating expectations for a reading of 49.8. Additionally, the Prices Paid Index—which measures inflation—rose to 54.9…