Express News | Spot Gold Hits Record High at 2,990.26/Oz
Trump becomes the biggest Bullish factor, Gold hits new highs again, and another major country has bought a large amount of Gold in the past few months.
As the destructive trade policies that may be implemented by the Trump administration create market uncertainty, along with heightened geopolitical tensions globally, investors are increasingly turning to Gold as a traditional safe-haven asset. In recent months, the Iranian government has also significantly increased its Gold holdings, converting 20% of its Forex reserves into Gold. Macquarie Group predicts that Gold prices will soar to $3,500 per ounce in the second quarter, and BNP Paribas also expects future Gold prices to be far above $3,000 per ounce.
After Wall Street raised the Target Price, the price of Gold reached a new high, with New York futures gold surpassing the historic $3,000 mark.
On Thursday, the New York gold futures surpassed the $3000 mark, setting a historical high, and increased by over $50 during the day.
The tension over tariffs has intensified, and Gold prices have surged to a historic high, approaching the $3000 mark.
On Thursday, due to Trump's latest threat to impose tariffs on European imported Commodities, market risk aversion intensified, and Gold prices reached a historic high, with Futures Gold temporarily rising nearly 1.8% approaching the $3000 mark, and Gold and Silver mining stocks saw broad gains. Earlier, Goldman Sachs once again raised its Gold price forecast, stating that central bank purchases of Gold are the core driving force, and the Gold price could rise to $3250 by the end of the year.
Macquarie: It is expected that gold prices may rise to a maximum of $3,500 in the third quarter.
Analysts at Macquarie Group stated that the safe-haven position may boost Gold to a record high of $3,500 per ounce in the third quarter.
Technical analysis: Spot Gold may test the historical resistance near 2956 again.
On Thursday (March 13) during the Asia session, spot Gold fluctuated and increased, briefly reaching a two-week high of $2945.89 per ounce, currently trading at $2944.31 per ounce. Reuters technical analysts indicated on Thursday that spot Gold may return to the historical high of $2956 per ounce reached on February 24, as it has broken through $2939, which was the final barrier to reaching the historical high. The wave pattern suggests that wave C has begun to develop from $2880, with a potential rise to $2979, which is the 100% projection level. This wave appears to be aligned with the previous.
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