Gold price hovers around $2,230, nearly record highs in Friday’s Asian session. The prospect of interest rate cuts from the US Fed and the ongoing geopolitical tensions lift the yellow metal. The hawkish Fed comments and robust US economy data might cap the gold’s upside. Investors will closely monitor the US February PCE data, due on Friday. Gold price flirts with record highs around $2,230 during the Asian session on Friday.
Furthermore, the ongoing geopolitical risk in the Middle East might boost traditional safe-haven assets like gold. The Palestinian Red Crescent said that Israeli forces besieged two more Gaza hospitals on Sunday, pinning down medical teams under heavy gunfire. On the other hand, a combination of hawkish Fed comments and robust US economy data might weigh on the gold price. Many Fed officials remain cautious about easing too soon.
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