Gold Daily | Spot Gold Rises 0.3%, Driven by Central Bank Demand and Geopolitical Tensions

【Latest Gold Price and Recent Trends】

The latest spot gold price has increased by 0.3% to $2645, rebounding from a 1% drop on Monday. Despite the declining influence of rising real yields, gold has gained nearly 30% this year, driven by strong global central bank demand.

【Technical Analysis】

Gold continues to consolidate around key trend lines, with buyers entering as the price tries to reach new highs. Resistance is at $2652.11, while support is at $2621.06 and $2608.82. A break above $2652.11 could trigger a rebound, while falling below $2635.63 may lead to a larger decline.

【Market Sentiment and Economic Background】

Investors are looking for clues on the Fed's future rate path from upcoming U.S. economic data, including the JOLTS data and the non-farm payroll report. The geopolitical tension in the Middle East, particularly with Israel attacking Hezbollah targets in Lebanon, also affects market sentiment. The dollar remains strong, supported by President Trump’s trade policies and the Fed’s hawkish stance.

【Analyst Opinions】

Analysts believe gold remains resilient despite cautious market sentiment. The Federal Reserve is expected to potentially cut rates by 25 basis points in December, which could influence gold prices. Analysts suggest that geopolitical tensions and upcoming economic data may provide significant impacts on gold's near-term outlook.