Gold Prices Soar Ahead of Major Political Events in the US
On the morning of January 3, the world gold price skyrocketed to $2,658/ounce, the highest in the past two weeks, recording an increase of $38 in just one trading session. The main reason is believed to be the increase in concerns about international geopolitical tensions and financial instability ahead of the inauguration of the US President-elect. The economic policies he plans to implement, especially tariffs, could increase inflation, boosting safe-haven flows into gold.
In 2024, gold prices increased by more than 27%, thanks to strong supporting factors such as interest rate cuts by central banks and geopolitical tensions. Fawad Razaqzada, analyst at Forex.com, said that a correction or consolidation in gold prices in early 2025 would create momentum for a new rally, especially if the fundamental support factors remain in place.
Based on the current developments, I believe that gold prices could continue to maintain an upward trend in the short term. If the price breaks the next resistance level at $2,680/ounce, a stronger rally could occur, with a near-term target at $2,700/ounce.
In 2024, gold prices increased by more than 27%, thanks to strong supporting factors such as interest rate cuts by central banks and geopolitical tensions. Fawad Razaqzada, analyst at Forex.com, said that a correction or consolidation in gold prices in early 2025 would create momentum for a new rally, especially if the fundamental support factors remain in place.
Based on the current developments, I believe that gold prices could continue to maintain an upward trend in the short term. If the price breaks the next resistance level at $2,680/ounce, a stronger rally could occur, with a near-term target at $2,700/ounce.
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