Gold Daily | Gold Hits Record High at $2,794 Amid Trade Uncertainty and Safe-Haven Demand

【Latest Gold Price and Recent Trends】

Gold prices reached a historic high, currently trading around $2,794 per ounce, driven by weak U.S. economic data and heightened demand for safe-haven assets amid uncertainty in trade policies.

【Technical Analysis】

Gold's bullish momentum is expected to continue, with a key resistance level at $2,800. Relative strength index (RSI) suggests a nearing overbought condition, recommending a prudent wait for a consolidation or modest pullback before initiating fresh bullish positions. Significant support is found near $2,773-$2,772.

【Market Sentiment and Economic Background】

Investors are increasingly concerned about potential tariffs from U.S. President Trump's policies, which are seen as inflationary, boosting gold's appeal as a hedge against rising price pressures. The Federal Reserve maintained interest rates, indicating no immediate move to cut them further, thus providing a mixed backdrop for economic expectations. The U.S. GDP growth slowed to 2.3% in the last quarter, below forecast, which alongside soft PCE inflation data, has led to a softer dollar, benefiting dollar-denominated commodities like gold.

【Analyst Opinions】

Market analysts point to sustained geopolitical tensions and unpredictable trade policies as major factors underpinning gold's rise. The potential introduction of new tariffs, including those on gold, has led market participants to seek safe havens. Analysts remain optimistic about gold's trajectory, with some noting the possibility of prices breaching the $3,000 mark by year-end amid ongoing economic uncertainties.