Gold records amazing leaps, exceeding $ 3030..s will the rise continues?

Gold continued its strong gains, bypassing a $ 3000 barrier an ounce, to record the highest level ever at $ 3038 and is expected to achieve standard levels at higher levels during the year 2025, according to the FX Street platform.
This ascension comes in light of the uncertainty associated with customs duties that US President Donald Trump intends to impose on April 2.
In a related context, the tensions calmed down relatively after the talks between Trump and Russian President Vladimir Putin, which resulted in the suspension of attacks on energy facilities in Ukraine for 30 days, according to Reuters.
Also read: The price of gold is up to rise above 3000 dollars amid the demand for safe haven

Factors that enhance the gains of gold

The escalation of tensions in the Middle East contributed to supporting gold prices, as “Reuters” revealed that the Israeli strikes resulted in the death of more than 400 people in Gaza, threatening the ceasefire, which was supposed to last for two months.

Economic data affects gold

The American economic data showed the growth of industrial production by 0.7% in February, exceeding 0.2% expectations, supported by an increase in car production.
But the housing sector data came different, as construction permits decreased by 1.2% to 1.456 million, while the beginnings of building housing increased by 11.2% to 1.501 million units, according to the American Statistical Office.
Also read:

Dollar weakness and golden strength

Gold prices have benefited from the decline in the returns of US Treasury bonds and the weakness of the dollar, as the return on bonds decreased for 10 years by one basis point to 4.183%.
Meanwhile, the US dollar index (DXY), which measures the performance of the US currency against a basket of six main currencies, decreased by 0.17% to 103.23 points.

Does gold exceed 3100 dollars soon?

Analysts expect the bullish trend to continue, noting that if the price can exceed $ 3038, it may test the levels of $ 3050 and $ 3100 an ounce.
In the event that gold falls below $ 3,000, it is expected that the first support levels will be at $ 2954, followed by 2900 dollars an ounce.