Gold price (XAU/USD) extends the rally to around $4,967 during the early Asian session on Friday. The precious metal gains momentum as geopolitical risk and threats to the US Federal Reserve’s (Fed) independence boost the safe-haven demand.
📌The yellow metal is set to reach a fresh all-time high and is on track for a weekly gain of more than 7%. Traders flock to traditional safe-haven assets such as Gold after tensions in Venezuela, Iran and Greenland.
📌Additionally, traders await US President Donald Trump's pick for the next Fed Chair to succeed Jerome Powell. A more dovish chair would increase bets on further interest-rate cuts this year, which could underpin the Gold price. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.
XAUUSDT
Perp
5,159.18
+0.85%