Gold achieves a historic high at $3,500 per ounce

GOLD

Gold is moving in an upward direction in the medium term, which opens the possibility for prices to rise and form new highs. However, if the support level of $3440 is broken downwards, we may retest the $3375 level in today’s trading.

Gold prices have witnessed a historic surge, with the ounce surpassing the $3,500 mark for the first time in the history of financial markets. This sharp rise comes amid growing geopolitical and economic concerns, primarily driven by escalating tensions between the U.S. administration and the Federal Reserve, following statements by the U.S. President calling for an urgent interest rate cut. These remarks have shaken investor confidence in the stability of monetary policy. At the same time, the U.S. dollar has declined sharply, further boosting demand for gold as a safe haven asset amid a climate of global market uncertainty and caution.

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