Ready To Challenge Further Highs, Gold Hits $2060

The precious metal continues to capitalize on safe-haven flows. Gold Price is currently trading at around $2,060 per ounce, overbought but without signs of technical exhaustion. The next relevant level to watch is $2,075.64, where it set a record high in August 2020, while beyond the level, market players will be looking for a test of the 2,100 threshold. Given that the bright metal keeps pressure intra-day highs, new record levels seem likely in the near term.

Gold Price resumed its advance early in the US session and trades near a multi-month high of $2,020.96 per ounce its highest since August 2020. The bright metal resumed its advance early in the American session to hits $2060 per ounce before stabilizing at $2043.40 despite a positive shift in the market’s sentiment.

US stock market indexes kick-start the day with a positive tone following Monday’s slump, although a substantial recovery is yet to be seen.

Meanwhile, government bond yields are up around the world, reflecting an improving market’s mood. The yield on the 10-year Treasury note is up by nine basis points, hovering around 1.84%. Nevertheless, the sentiment could take a turn to the worst anytime amid the ongoing crisis between Russia and Ukraine.

It is worth noting that US President Joe Biden will make an announcement on Russian sanctions at around 15:45 GMT. Market players are expecting an announcement on a ban on crude oil imports.

Demand for the US dollar eased partially, as concerns about developments in Eastern Europe cooled down a bit. Asian shares edged lower, although their European counterparts trade in the green, leading a comeback among US indexes up ahead of the opening, limiting the dollar’s demand to the benefit of the bright metal.

The third round of peace talks that took place on Monday ended without material solutions, but Gold Price investors are now looking for fresh news, mainly another round of talks next Tuesday in Turkey.