Gold returns to the rise above 2900 dollars and global risks increases its luster
Job and gold data
Investors ignored the positive American job data and continued to purchase precious gold bars at a price of $ 2917 an ounce or an ounce with an increase of more than 1%, which says that the metal is clearly increasing since the trading of Monday.
The dollar, the treasury and the gold
The morale has recently improved as Canada and the United States retreated from their threat to impose customs duties. Fears about the US economy slowly put forward the returns of US Treasury and US dollar, which enhances alloys prices for the precious metal.
Also read: Why is gold a good safe haven yet despite its high prices?
Meanwhile, Trump’s customs duties on aluminum and steel imports will enter into force on Wednesday, while the American Labor Statistics Office revealed the high job opportunities available in the past February.
Geopolitical changes
US Secretary of State Marco Rubio from Saudi Arabia revealed Ukraine’s willingness to accept the ceasefire proposal, while Ukrainian President Folodimir Zellinski added: “The United States must now persuade Russia to agree to the ceasefire.”
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On this, analysts say this may be an obstacle to gold prices that tend to rise due to high geopolitical tensions and fears of stagnation.
Consumer price index
Meanwhile, the gold traders are waiting for the Consumer Prices Index (CBI) in the United States on Wednesday, followed by the producers’ price index on Thursday.
The price of gold and the high American returns
The return on US Treasury bonds increased for 10 years by about six basis points, reaching 4.282%, with traders anticipation to reduce interest rates by the Federal Reserve.
The real returns of American bonds increased as it measures the returns of US Treasury bonds protected from inflation for ten years, which are inversely linked to gold prices, five and a half basis points to 1.963%, which represents an obstacle to the non -revenue metal.
US GDP expectations
The current GDP of the FBI in Atlanta expects that the first quarter of 2025 will be at -2.4%, which will be the first negative release since the Kofid -19 pandemic.
The American “Gults” report showed an increase in job opportunities to 7.740 million in January, an increase of 7.508 million, exceeding the expectations of 7.63 million, indicating the continued strength in the labor market.
China and gold
Meanwhile, the Chinese People’s Bank (China Central Bank) continues to purchase gold according to the World Gold Council.
The Chinese People’s Bank increased its possession by 10 tons in the first two months of 2025, yet the largest buyer was the Polish National Bank, whose reserves increased by 29 tons, which is the largest purchase of it since June 2019 when he bought 95 tons.
Gold expectations are more than 2900 dollars
Technically, gold continues its upward trend, but buyers must overcome the peak last week at 2930 USD, the highest level on March 7, to be able to challenge the psychological barrier.
Analysts say that the penetration of this barrier can reach the highest standard at $ 2954, followed by a US dollar barrier.
On the contrary, if the price of gold falls below $ 2,900, the next support level will be 2850 dollars before its lowest level on February 28 at $ 2832 and then the next support level will be 2800 dollars.
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