Gold continues to hold strong at US$3,373.47 per troy ounce as of Friday, following a breathtaking 47.5% surge over the past year since 18 June 2024. While prices have eased slightly from their recent peak of US$3,499.88 on 22 April, many market experts view this as a compelling entry point for savvy investors looking to capitalise on gold’s enduring strength.
Gold’s appeal remains unshaken, underpinned by its role as a safe-haven asset and hedge against economic uncertainty. Geopolitical tensions in the Middle East and broader global instability continue to create favourable conditions for gold. Ongoing central bank buying, alongside persistent inflation concerns, reinforces the metal’s long-term value proposition.
Recent market commentary highlights gold’s current consolidation phase, with prices finding support around US$3,362–$3,365 after testing resistance between US$3,437 and $3,470. For seasoned investors, these levels could signal a favourable point to re-enter or increase exposure. This pullback is a healthy pause following gold’s strong rally, with some investors using the dip to gradually increase their holdings.
The US Federal Reserve’s cautious stance on interest rate cuts may support the dollar in the short term, but gold’s fundamentals remain robust. With inflation still lingering and central banks around the world continuing to bolster their gold reserves, the metal remains a resilient cornerstone in diversified portfolios.
Looking ahead, gold remains supported by strong underlying fundamentals. Its role as an inflation hedge and safe-haven asset continues to reinforce its relevance, especially as global demand holds firm and economic uncertainty lingers.
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