Gold Price News: Gold at USD 3,017 – Focus on the dollar and geopolitics

The gold price opened at USD 3,021.20 on Wednesday, hit a daily high of USD 3,031.99 and a daily low of USD 3,012.92. Gold is currently trading at USD 3,017.30, down slightly by 0.13% compared to the previous day. The precious metal is thus consolidating just below its recent all-time high (USD 3,057 on March 20). Since the beginning of the year, gold is already up more than 15%.

The US dollar recovered slightly in today's trading (dollar index DXY +0.1%). At the same time, yields on 10-year US government bonds rose above the 4.3% mark. Both factors increased the opportunity costs and made gold more expensive for international investors, putting slight pressure on the gold price today. Nevertheless, safe-haven buying remained supportive for gold amid global uncertainties.

Following statements by Fed Chairman Jerome Powell, who recently hinted at a possible interest rate cut of 0.5 percentage points by year-end, the Fed's monetary policy remains a supportive factor for the gold market. The European Central Bank is also pursuing an expansionary policy and has already cut key interest rates several times in the face of persistent inflation and economic risks. Market participants are now eagerly awaiting the publication of the US PCE price index on Friday, which is likely to provide further information on the Fed's monetary policy decisions.

The punitive tariffs of up to 25% announced by US President Trump continue to cause great uncertainty in the market and thus support the gold price as a safe haven. At the same time, however, the Ukraine conflict appears to be easing slightly after the US was able to broker separate ceasefires between Russia and Ukraine. In the Middle East, the conflict between Israel and Hamas escalated again, which in turn increased demand for gold. The tense relationship between the US and China, particularly in the trade and technology sectors, is also supporting gold.

In terms of chart technology, the gold price remains in a stable uptrend. The psychologically important support at $3,000 was defended again; below that, the  USD 2,988 area offers further important support. Resistance is expected in the short term at USD 3,038; overcoming this mark could lead directly to a retest of the all-time high at USD 3,057. Technical indicators such as the RSI (currently at 66 points) and the MACD continue to signal strength and support a bullish scenario.

Analysts expect a volatile sideways movement between USD 3,000 and 3,100 in the coming trading days. New impetus is likely to come in particular from the US inflation data (PCE index) on Friday and from further developments in the US trade dispute. Should the uncertainties continue to intensify, the gold price could rise significantly again. Zaner Metals cites short-term price targets of around USD 3,150, while RJO Futures expects the price to rise to USD 3,125 if the trend continues. Bank of America expects an average price of USD 3,063 over the next year and sees further long-term potential. As long as the situation does not ease significantly, analysts recommend consistently using price setbacks as buying opportunities.