Gold Daily | Gold Prices Surge 2% Amid Geopolitical Tensions and Dollar Weakness, Eyeing $3400 Target
Generated by AI AgentAinvest Market Brief
Monday, Jun 2, 2025 8:01 am ET1min read
UBS--
【Latest Gold Price and Recent Trends】
Gold prices rose nearly 2% on Monday, reaching a weekly high due to increased demand for safe-haven assets amid geopolitical tensions and trade uncertainties. Spot gold is up 1.9% at $3,352.69.
【Technical Analysis】
Gold prices show strong upward momentum, potentially breaking the downward trend. If prices surpass the $3328 resistance level, they could target $3345-$3350, aiming for $3400. However, a drop below $3300 might find support around $3280-$3278.
【Market Sentiment and Economic Background】
The gold market is favored by geopolitical tensions, notably between Russia and Ukraine, and trade uncertainties spurred by tariff threats from President Trump. The dollar's weakness adds to gold's attractiveness. Economic concerns related to US fiscal policies and Fed interest rate cuts provide further support for gold.
【Analyst Opinions】
UBS analyst Giovanni Staunovo highlights declining market risk appetite and escalating geopolitical tensions as key factors boosting demand for gold. The ongoing US-China trade tensions also support gold prices. Analysts foresee potential strong bullish momentum, driven by increased ETF buying and supportive macroeconomic factors.
Gold prices rose nearly 2% on Monday, reaching a weekly high due to increased demand for safe-haven assets amid geopolitical tensions and trade uncertainties. Spot gold is up 1.9% at $3,352.69.
【Technical Analysis】
Gold prices show strong upward momentum, potentially breaking the downward trend. If prices surpass the $3328 resistance level, they could target $3345-$3350, aiming for $3400. However, a drop below $3300 might find support around $3280-$3278.
【Market Sentiment and Economic Background】
The gold market is favored by geopolitical tensions, notably between Russia and Ukraine, and trade uncertainties spurred by tariff threats from President Trump. The dollar's weakness adds to gold's attractiveness. Economic concerns related to US fiscal policies and Fed interest rate cuts provide further support for gold.
【Analyst Opinions】
UBS analyst Giovanni Staunovo highlights declining market risk appetite and escalating geopolitical tensions as key factors boosting demand for gold. The ongoing US-China trade tensions also support gold prices. Analysts foresee potential strong bullish momentum, driven by increased ETF buying and supportive macroeconomic factors.
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