Gold rally nears key shift
Global gold prices experienced an increase of over 5.2% during the past week, reaching their highest level since May at approximately $4,632 per ounce. This rise was driven by an 8% decline in the US dollar and a drop in US Treasury bond yields, prompting investors to seek safe haven in the precious metal. The surge is attributed to the weakening dollar and expectations of a pause in US interest rate hikes, which enhance gold's appeal as a hedge against inflation and economic and geopolitical tensions. Analysts anticipate that the $4,600 level serves as an important resistance point, and expect the price to fluctuate with potential for temporary corrections before resuming the upward trend. There are prospects for reaching a new high above $4,680 if the price sustains above resistance levels and buying momentum continues.
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