Gold investors are looking to record gains for the ninth week in a row

Gold buyers are looking to achieve gains for the ninth week in a row at a time when the commodity remains strong and standardized with investors seeking to obtain a stable asset pattern in a volatile market, according to the Bloomberg Network.

Gold price today

The price of alloys reached about $ 2937 an ounce or an ounce after its eighth weekly gains were recorded in the longest series of gains since 2020.
The gains were supported by a sharp increase in demand for alloys -backed investment funds, as holdings jumped last week to the largest amount since 2022, according to Yahoo Finance.

Reasons for the high price of gold

Reports issued on Friday showed the slowdown in business activity in the United States, consumer confidence declining and high inflation expectations.
Also read: The price of gold stabilizes near its standard level amid dollar fluctuations and the labor market
This comes as the President of the Federal Reserve Bank in Chicago Austin Golsby reduced concerns about price pressures and said: “The number” is not a great number but it represents one month of data and we need at least two or three months to be calculated.

Interest and gold prices

The markets expected more interest rate discounts by the Federal Reserve this year as traders expect the interest to be reduced for 2025 in July, not September.
All of this works to benefit the gold that tends to low borrowing costs to go with merchants and investors and wealth of wealth tools to the direction towards gold that does not pay benefit and does not return.
Also read:
The precious metal recorded a new peak last Thursday, after increasing between 26% to 27% in 2024.

Gold chases the price of $ 3100

With the increasing concerns about the annoying trade policies pursued by US President Donald Trump and his geopolitical agendas that drive the demand for gold, the Goldman Sachs group raised last week its goal for the end of the year to the metal to $ 3100, saying that purchases by central banks would be a major driver.

Gold and fears of trade war

According to the FX Street platform, concerns about the potential economic repercussions of the customs definition plans for US President Donald Trump helped the price of gold as a safe haven in registering gains for the eighth week in a row.
Trump has imposed 25% customs duties on steel, aluminum and additional customs databases by 10% on Chinese imports since he took office and said that he will announce new customs duties during the next month or before.

Gold path expectations

Meanwhile, the daily relative strength index of gold remains above the level of 70, indicating conditions that represent the peak of purchase, which may prevent this from putting new upward bets around the price of gold.
However, some subsequent purchasing operations after a 2950-2955 ounce area may be seen as a new catalyst and helps gold rise in an upward direction.
Meanwhile, any corrective decline may continue to reach gold to the 2920-2915 region an ounce.