Gold Daily | Gold Surges Past $3000 Amid Geopolitical Tensions and Weak USD, Analysts Eye Further Gains

【Latest Gold Price and Recent Trends】

On March 18, international gold prices hit a new high, trading at $3024, continuing their historic rise beyond the $3000 mark. The surge is driven by global trade tensions and a weakened USD, which has made gold more appealing to international buyers. The price has risen over 14% this year, maintaining strong momentum into 2024.

【Technical Analysis】

Gold remains above $3000, largely due to escalating geopolitical tensions in the Middle East. The daily chart indicates a bullish trend with potential for further gains. Analysts suggest maintaining levels above $3000 could lead to a target of $3050.

【Market Sentiment and Economic Background】

Recent weak U.S. economic data, including lower-than-expected retail sales and manufacturing activity, have contributed to a weaker dollar, bolstering gold's appeal. The geopolitical unrest, particularly Israel's military actions in Gaza, has intensified risk aversion, further supporting gold. Several major banks have raised their gold price targets for the year, citing ongoing geopolitical tensions and central bank buying.

【Analyst Opinions】

Vasu Menon from OCBC Bank indicated that while gold has broken the $3000 barrier, it remains a significant resistance level, and a decisive breakthrough isn't guaranteed. He forecasts gold could reach $3100 in the next 12 months. UBS raised its gold price forecast to $3200, anticipating prolonged trade conflicts to sustain demand for gold as a safe-haven asset.