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MENAFN- Daily Forex)
- Amid a sharp upward trend, spot gold prices moved to their all-time highs, with gold bullion prices rising to the resistance level of $3005.
- This is the highest in gold price history, and will start trading this important week stable around the level of $2988 per ounce.
- Gold market gains came amid increasing global geopolitical and trade tensions, increasing demand for gold as a safe haven.
Will gold prices rise in the coming days?
According to commodity market experts, demand for gold may increase sharply in times of uncertainty, as anxious investors look for safe havens for their money. Gold prices today are witnessing a sharp rise as US President Donald Trump's tariff policies ignite an international trade war that has harmed financial markets and threatened to reignite inflation for both households and businesses. In general, if these trends continue, analysts say that today's gold price may continue to rise in the coming months. But precious metals are also volatile assets – and so the future is not guaranteed. According to gold trading companies' platforms, the spot gold price has increased by nearly 14% since the beginning of 2025, according to FactSet. In contrast, stock market indices have declined. According to trading, the benchmark S&P 500 index has fallen by more than 5% this year, even as major company stocks have declined. For example, Apple shares saw their worst week in five years.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Trump's Trade Tariffs Spark Markets
Recently, the Trump administration threatened wider disruptions to the global order. Trump indicated the US readiness to use economic coercion – or even force – to control Greenland and the Panama Canal; and proposed a highly controversial reconstruction plan for Gaza. Since the Trump administration surprised its European allies in February by announcing that the US would begin negotiations with Russia on the future of Ukraine, it has cast doubt on US security guarantees to Europe, which have supported peace and stability for decades. According to experts, "There is a huge amount of uncertainty stemming from US policy, which also casts a shadow over the global economy this year."
Regarding global gold purchases, following Russia's invasion of Ukraine in 2022, many Russian dollar assets held abroad were frozen. Central banks have taken notice: the dollar could be used as a weapon, with their access to the financial system closed at the behest of the United States. Since the invasion, central bank gold purchases have more than doubled, from 1,000 tons annually to more than 1,000 tons.
China, which successive US governments have viewed as a geopolitical rival, significantly increased its gold bullion purchases in 2022. While its purchases slowed as prices rose, other central banks made up for the decline, with Poland, India, and Turkey topping the list of largest buyers last year, according to the World Gold Council.
Despite the rise in the price of gold, it is still far from its historical inflation-adjusted peak, reached in 1980, which equated to approximately $3,800 per ounce. At that time, weak economic growth, hyperinflation, and increasing geopolitical tensions drove prices higher. Furthermore, some analysts believe similar forces will push gold into uncharted territory in 2025 Tips:
Trading gold above $3,000 will increase technical buying, but you may need to be extremely cautious, as any improvement in sentiment means profit-taking $3000 Per Ounce Peak Is Important for Gold Bulls
According to gold market trading, the rise to $3,000 per ounce came faster than most major forecasters had anticipated. Over the past year, as the price decisively surpassed the key psychological levels of $2,000 and $2,500, most analysts raised their forecasts rather than changed them. Some analysts are already predicting the price will reach the next key level. Analysts at Bank of America stated in a note issued on February 12: "For the price to reach $3,500 per ounce, investment demand would need to increase by 10%. This is significant, but not impossible."
EURUSD Chart by TradingViewGold Price Technical Analysis and Expectations Today:
According to daily chart trading and gold analysts' forecasts today, the general trend for gold prices remains upward, and stability above the psychological resistance of $3000 per ounce is a catalyst for the strength of the bulls' control, and at the same time, it will push technical indicators towards strong overbought levels. Currently, the closest resistance levels for gold prices are $3005, $3025, and $3055 per ounce, respectively. In contrast, and on the same time frame, to break the current trend, the bears must quickly push below the support of $2948 first, then to the support levels of $2910 and $2875 per ounce, respectively.
The US dollar exchange rate, global geopolitical tensions, central bank gold purchases, and the Fed's policy announcement will be the most significant factors influencing the gold market this week and in the coming days.
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