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Gold prices have continued their upward trajectory since the start of trading on Monday, following their record-breaking highs achieved last Friday. This surge is fueled by a confluence of factors that are expected to propel the precious metal even higher in the near future.
Gold closed last week on a strong note, gaining significantly against the US dollar. This was further supported by a decline in risk appetite in financial markets and reports highlighting a notable increase in central bank gold purchases.
Several factors contributed to the US dollar’s weekly decline, including trade tensions stemming from tariffs and the US-European trade dispute, as well as US inflation data indicating a slowdown in price growth. These readings have led investors to anticipate a potential interest rate cut before the end of 2025, which has negatively impacted the US dollar.
Gold futures rose by 2.6% in the week ending March 14, closing at $2,993 per ounce, compared to the previous week’s close of $2,917 per ounce.
During the past week, gold prices fluctuated between a low of $2,882 and a high of $3,017, breaking through all previous resistance levels and setting a new all-time high.
Reports indicate that central banks worldwide are currently increasing their gold purchases. The World Gold Council revealed that the People’s Bank of China and the National Bank of Poland recently purchased 10 and 29 tons of gold, respectively, adding to their strategic reserves.
Gold futures have risen to $3,006 per ounce, compared to the previous day’s close of $2,993 per ounce. On Monday, gold prices ranged from a low of $2,991 to a high of $3,009.
