403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Gold Trades Near $2,915 As ETF Inflows Hit Three-Year Record
(MENAFN- The Rio Times) Gold traded at $2,913.70 this morning, hovering near February's record high, reports the World Gold Council. Physically-backed gold ETFs captured significant inflows, marking the strongest since March 2022.
The precious metal has gained nearly 11% since January and 43% year-over-year. Dollar weakness emerges as a primary driver alongside heightened geopolitical tensions and declining interest rates.
Market analyst Kyle Rodda predicts gold will surpass the $3,000 mark within months. President Trump's tariffs significantly reshape market sentiment across trading partners.
The administration imposed tariffs, triggering retaliatory measures. These decisions fuel economic uncertainty and enhance gold's appeal as a safe-haven asset. European gold ETFs recorded their largest monthly inflow since March 2022.
Political uncertainties in Germany and France contribute significantly to European demand surge. North American funds experienced contrasting outflows. Indian markets show 24-carat gold prices dropping slightly today.
Technical analysis suggests gold will experience a bearish correction testing support. The price could then rebound according to weekly forecasts. Support levels stand at $2,900 and $2,800, while resistance appears at $2,981.
Analysts maintain bullish sentiments on gold's continued performance. Rising inflation expectations, lower interest rates, and persistent geoeconomic tensions create favorable conditions. Investors now closely watch upcoming US Consumer Price Index data for further market direction.
The precious metal has gained nearly 11% since January and 43% year-over-year. Dollar weakness emerges as a primary driver alongside heightened geopolitical tensions and declining interest rates.
Market analyst Kyle Rodda predicts gold will surpass the $3,000 mark within months. President Trump's tariffs significantly reshape market sentiment across trading partners.
The administration imposed tariffs, triggering retaliatory measures. These decisions fuel economic uncertainty and enhance gold's appeal as a safe-haven asset. European gold ETFs recorded their largest monthly inflow since March 2022.
Political uncertainties in Germany and France contribute significantly to European demand surge. North American funds experienced contrasting outflows. Indian markets show 24-carat gold prices dropping slightly today.
Technical analysis suggests gold will experience a bearish correction testing support. The price could then rebound according to weekly forecasts. Support levels stand at $2,900 and $2,800, while resistance appears at $2,981.
Analysts maintain bullish sentiments on gold's continued performance. Rising inflation expectations, lower interest rates, and persistent geoeconomic tensions create favorable conditions. Investors now closely watch upcoming US Consumer Price Index data for further market direction.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment