Gold Daily | Spot Gold Near Record Highs Amid Safe-Haven Demand and Trade Tensions

【Latest Gold Price and Recent Trends】

On Thursday, international gold prices approached record highs, driven by safe-haven demand amid U.S. tariff issues and inflation concerns. Spot gold rose 0.4% to $2,947, just $10 shy of its all-time high set in February.

【Technical Analysis】

Gold is trading near historical highs, attracting both bears betting on a price retreat to $2,790 and bulls aiming for a new record. Daily RSI remains bullish, with potential tests of $2,956. Recent price actions suggest a bullish trend, with key resistance at $2,970 and psychological barrier at $3,000.

【Market Sentiment and Economic Background】

U.S. CPI data came in below expectations, keeping hopes alive for a Fed rate cut this year. Tariff uncertainties continue to drive safe-haven flows into gold. Rising tensions from retaliatory tariffs by the EU, China, and Canada in response to U.S. trade policies could exacerbate global trade wars, further boosting gold's appeal. The Fed's previous rate cuts and low-yield environment also support gold as a favored asset.

【Analyst Opinions】

Ole Hansen from Saxo Bank remains bullish on gold, foreseeing demand and prices rising amid economic slowdown and potential stagflation. Macquarie Group analysts predict gold might reach $3,500 in Q3, driven by increased safe-haven demand and U.S. deficit concerns. Despite industrial demand forecasts being trimmed, silver prices are expected to rise due to its precious metal properties.