COMEX gold rises above $3,450 per ounce, up 0.2% intraday.

COMEX gold rises above $3,450 per ounce, up 0.2% intraday.

COMEX gold futures rose above $3,450 per ounce on July 2, 2025, marking a 0.2% intraday increase. This move comes amidst ongoing global economic uncertainties and geopolitical tensions. The price surge can be attributed to a weakening US dollar and rising interest rates, which have historically made gold less attractive as a safe-haven asset. However, recent developments have sparked a renewed interest in gold as investors seek refuge from market volatility [1].

The gold price rally coincides with a proposed bill by Republican Senator Cynthia Lummis from Wyoming. The "BITCOIN Act" aims to expand the US government's cryptocurrency holdings by purchasing 1 million bitcoins using gold reserves held by the Federal Reserve. If passed, this bill could significantly boost the US's cryptocurrency holdings and have implications for the global cryptocurrency market [1].

Gold prices have also been buoyed by central banks worldwide hoarding gold in anticipation of potential financial turmoil. According to Phil Flynn, senior market analyst at the Price Futures Group, "Gold is the ultimate hedge against sanctions, inflation, and global uncertainty." Central banks are buying gold like it’s the key to surviving a financial apocalypse [2].

Trade tensions between the US and EU have also contributed to the gold price rally. The EU plans new measures to counter tariffs threatened by President Trump, with Germany and other European countries taking a tougher stance against the US. If no trade deal is reached before the August deadline, tensions could worsen and disrupt global trade, potentially driving gold prices higher [3].

Technical analysis suggests that gold is poised for further upside, with the precious metal breaking above the $3,400/oz mark. A daily candle close above this level would strengthen the probability of further gains. Gold has been printing higher highs since bottoming out on June 30, trading in a triangle pattern and approaching the upper band of the pattern. A break and daily candle close above this level could lead to a move of around $386, pushing gold close to the $3,800/oz handle [3].

Investors seeking inflation protection and exposure to the gold rally should consider Agnico Eagle Mines (TSX:AEM). As one of Canada’s premier gold producers, Agnico Eagle combines low-cost operations, strategic acquisitions, and growing dividends. With gold prices holding firm at historic highs of $3,400 per ounce, Agnico Eagle's all-in sustaining costs (AISC) of $1,250/oz translate to a $2,150/oz gross margin—a 63% profit margin, the highest in the industry [4].

References:
[1] https://www.ainvest.com/news/comex-gold-falls-3-400-ounce-0-19-intraday-2507/
[2] https://www.marketwatch.com/livecoverage/stock-market-today-dow-s-p-500-nasdaq-set-for-gains-ahead-of-busy-earnings-week/card/gold-prices-rally-as-central-banks-buy-like-it-s-the-key-to-surviving-a-financial-apocalypse--ZLppR3T4uleyuTKxTVjo
[3] https://www.investing.com/analysis/gold-price-forecast-will-gold-gain-acceptance-above-the-3400oz-handle-200664114
[4] https://nai500.com/blog/2025/07/why-agnico-eagle-mines-is-the-ideal-canadian-gold-stock-to-hedge-against-inflation/