Gold Daily | Spot Gold Rises to $2,675 Amid Economic Policy Uncertainty and Inflation Concerns

【Latest Gold Price and Recent Trends】

The latest spot gold price has increased to $2,675 per ounce amid fluctuations. Recent trends reveal uncertainty surrounding the economic policies of the U.S. President-elect Donald Trump and pre-release positioning ahead of key U.S. inflation data as key factors.

【Technical Analysis】

On the daily chart, gold is oscillating between support at $2,600 and resistance at $2,721. The price is showing a "buy-the-dip" pattern. In the short term, if gold maintains its current momentum, it could test upwards towards $2,700, with resistance at $2,710 and December's high of $2,726. Strong support is noted at $2,641, and further support levels are at $2,635 and $2,615.

【Market Sentiment and Economic Background】

The robust U.S. non-farm payroll report has fueled expectations of a cautious Fed stance on rate cuts this year, strengthening the dollar and U.S. Treasury yields, which have pressured gold. However, concerns over Trump’s potential tariff plans and their inflationary impact could sustain gold as a hedge. Investors are watching upcoming U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) reports, which could influence market sentiment over the next few weeks.

【Analyst Opinions】

KCM Trade's Chief Market Analyst Tim Waterer suggests gold's resilience amid a stronger dollar is due to inflation concerns. If inflation data this week are mild, it could lead to dollar sell-offs and support gold prices. Analysts highlight that while gold remains a hedge against inflation, higher interest rates could reduce its appeal. The market is cautious as it awaits further clarity on the U.S. economic situation and Fed policy direction for 2025.