Gold Daily | Gold Prices Surge Amid Geopolitical Tensions, Near April Record High, Eye $3,450 Target

【Latest Gold Price and Recent Trends】

International gold prices surged on Friday, reaching $3,417.59, the highest in nearly two months, driven by safe-haven demand due to geopolitical tensions from Israel's extensive airstrikes on Iran. Gold has risen over 3.2% this week, nearing its April record high of $3,500.10.

【Technical Analysis】

Gold prices have continued their upward trend, having broken through the 20-day and 50-day moving averages, forming a short-term rising channel and approaching the key resistance level of $3,400. If gold breaks and holds above this level, it may target $3,450-$3,485.

【Market Sentiment and Economic Background】

Geopolitical tensions in the Middle East, especially between Israel and Iran, have heightened market uncertainty, intensifying the demand for gold as a safe-haven asset. This is compounded by weak U.S. inflation and employment data, leading to market expectations of Federal Reserve rate cuts later this year. The U.S. dollar weakened, further enhancing gold's appeal. Moreover, global events like the Ukraine conflict and capital outflows in some Asian economies support gold's upward momentum.

【Analyst Opinions】

Charu Chanana from Saxo Capital Markets noted the increased uncertainty due to potential Iranian retaliation against U.S. bases, supporting safe-haven flows into gold. Julius Baer's Carsten Menke highlighted the bullish sentiment driven by Israeli attacks and warned of potential long-term effects on gold prices if oil supplies are disrupted. Morgan Stanley has upgraded its 2025 gold price target to $3,650, citing the intertwined backdrop of policy uncertainty and political conflicts positioning gold as a key anchor for global asset revaluation.