- Gold is approaching the $3,000 level, reaching $2,983 at the time of writing, driven by economic and geopolitical uncertainty.
- Market momentum is fueled by uncertainty around Trump-era tariffs, stalled ceasefire talks with Russia, and expectations for Federal Reserve policy updates, with a potential delay in rate cuts posing a risk to gold prices.
Gold is sprinting to new all-time highs and approaching the $3000 level. The price has just reached $2983 at the time of writing, just $17 away from the key $3000 level.
Alex Ebkarian from Allegiance Gold forecasts “prices to trade between $3,000 and $3,200 this year,”.
Momentum is currently being driven by uncertainty around Trump tariffs and stalled ceasefire talks with Vladimir Putin, who has outlined sweeping conditions for any potential truce.
The upcoming Federal Reserve meeting next Wednesday could also be influencing prices. While the central bank is expected to keep its rate at 4.25%-4.50% until at least June, with the current economic environment, a change in guidance from the Fed might be warranted. A delay in the anticipated June rate cut wouldn’t be helpful for the gold price.
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