Gold Daily | Gold Surges Past $3,300 Amid Tariff Investigations and Global Economic Concerns

【Latest Gold Price and Recent Trends】

On Wednesday, gold prices surged past the $3,300 mark per ounce for the first time, driven by heightened market risk aversion following President Trump's order to investigate tariffs on key mineral imports. The spot price rose 2.46% to $3,309.02 per ounce, briefly reaching a record high of $3,317.90 earlier in the session.

【Technical Analysis】

Gold's Relative Strength Index (RSI) has surpassed 70, indicating an overbought market condition. However, analysts suggest waiting for some consolidation or a moderate pullback before expecting further strengthening. Key support levels are identified at $3,275 and $3,200, with potential resistance at $3,350 if the price holds above $3,275.

【Market Sentiment and Economic Background】

The intensified trade tensions due to President Trump's tariff investigations on critical minerals, including those used in defense and high-tech industries, have bolstered demand for gold as a safe-haven asset. This comes amidst new export license requirements on American tech products to China, leading to global stock market declines. The ongoing trade war and fears of a global economic slowdown have contributed to gold's 26% rise this year. The dollar's decline, making gold cheaper for foreign buyers, has also fueled the upward trend.

【Analyst Opinions】

ANZ has raised its year-end gold price forecast to $3,600 per ounce, reflecting the current global economic instability and investors' flight to safety amid recession fears and geopolitical tensions. Analysts believe the current rally might face technical correction risks but remain optimistic about gold's long-term potential due to robust buying interest.