Gold edges higher as geopolitical and economic concerns linger.
Gold firmed on Monday after touching a historic milestone last week, as geopolitical tensions, jitters about tariffs escalating trade frictions, and increased hopes of interest rate cuts from the U.S. Federal Reserve continued to fuel safe haven demand.
Spot gold rose 0.1% to $2,986.53 an ounce, as of 0307 GMT. Bullion rose above the $3,000/oz milestone to notch a record high at $3,004.86 on Friday.
“The recent rally in gold has been driven by stagflationary fears,” said Kelvin Wong, senior market analyst, Asia Pacific, at OANDA, adding that short-term momentum remains positive with the next intermediate resistances at $3,016 or $3,030.
Geopolitical tensions have also been persistent, with the U.S. vowing to keep attacking Yemen’s Houthis until they end attacks on shipping, and Israeli military strikes killing at least 15 Palestinians in the Gaza Strip over the past 24 hours.
Gold, a hedge against political risks and inflation, has gained around 14% so far in 2025.
Source: FINANCE.YAHOO
