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Gold closed the trading week on a positive note, approaching new all-time highs. Experts suppose that demand for the precious metal will rise amid the geopolitical tension and instability.
In February, traders were actively buying gold. The metal proved to be a reliable safe-haven asset. On February 24, gold prices reached their high near $1,975 per troy ounce. Since then, the upward trend has been prevailing. Analysts have grounds to say that a downward correction, that took place for almost a year, was replaced by an uptrend. This may push the price to new historic peaks.
On March 3, the precious metal soared amid a rise in the number of long positions. According to the gold futures market, the number of long positions surged by 5.2 thousand. In the near future, gold prices are likely to go on climbing. However, the price may show a short-lived stagnation. Notably, at the end of the week, the asset was trading at $1,974, whereas on Friday, it was hovering near $1,970, trying to break through the barrier.
Most analysts are sure that in the near future, the precious metal will show the strongest growth in the last year and a half. The military conflict in Ukraine is the main driver of gold prices. The escalation in the conflict resulted in greater demand for safe-haven assets. During the week that ended on March 4, gold appreciated by almost 4%, though it is not the ceiling.
Analysts emphasize two factors that may cause a rally in gold prices: surging inflation and geopolitical situation. Notably, in the US, inflation jumped to 40-year highs and it continues accelerating. Analysts recommend investing in gold. The precious metal is an important inflation barometer and the best safe-haven asset.
At present, the precious metal is strongly reacting to the geological crisis, including the Russia-Ukraine conflict. Gold is benefiting from the existing instability. The asset has become the main component of an investment portfolio due to recent events. According to preliminary estimates, in the next 6 months, gold may soar to $1,800-$1,900 per troy ounce. In the short term and mid term, the metal may even exceed $2,000.
In the short term, gold may be hovering near $1,900. However, a sideways channel is the first step towards the highs recorded in August 2020, when the price hit $2,063. Gold may reach new highs amid the rising inflation.
Geopolitical and economic risks are boosting gold. However, the US Fed is also contributing to higher prices. It is quite possible that the key interest rate hike will support the US dollar, which, in turn, may cause a decline in gold prices. However, the current geopolitical situation has a strong influence on the market. Thus, the precious metal has every chance to hit new all-time highs.
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