Gold continues to trade above the $2,600 mark, hitting new highs at $2,635.05 during Tuesday’s Asian session, as investors anticipate further federal reserve rate cuts. Economic concerns and geopolitical tensions are bolstering demand for the yellow metal as a safe-haven asset.
Monetary influence: With Fed officials signalling smaller rate cuts in upcoming meetings, gold remains attractive compared to yield-bearing assets. Strong central bank buying and rising demand from tech industries further support the bullish outlook for gold.
Technical outlook: Analysts note that Gold is holding steady at $2,628, with upward momentum pointing towards the next target of $2,700. Immediate support lies at $2,580 and $2,550. If geopolitical risks and rate cuts continue, gold may find a clear path to the $3,000 milestone.
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