Gold Price News: Gold consolidating after record run – currently at USD 3,021

The gold price opened on March 21 at 3,045.93 USD per fine ounce and reached a high for the day of 3,047.45 USD. However, profit-taking set in during the course of the trading day, causing the price to drop to a daily low of USD 2,999.83. At the close of trading, gold was trading at around USD 3,021.00, down about 0.8% on the day. Despite the correction, the price remains close to recent record levels.

A slight rise in the US dollar index weighed on the gold price in today's trading. At the same time, higher yields on 10-year US government bonds created additional headwinds, as investors again preferred higher-yielding investments. Nevertheless, the medium-term outlook for gold remains positive due to expected interest rate cuts.

Geopolitical risks remain a key driver of demand for gold. New US tariff measures against China and the EU, as well as the ongoing escalation in the Middle East, are creating continued high levels of uncertainty. The situation in Ukraine, despite recent talks, remains tense and continues to support the gold price.

The latest data show a decline in inflationary pressure, which further strengthens hopes for a more moderate monetary policy. At the same time, however, there are increasing concerns about a possible weakening of global economic growth. In this environment, gold remains in demand as a safe haven, even if short-term fluctuations are possible.

From a technical perspective, the gold price is currently in a consolidation phase after the recent strong rises. The first significant support level is the important psychological mark of USD 3,000, followed by further support in the range between USD 2,950 and 2,900. On the upside, the USD 3,050–3,075 range continues to represent a short-term hurdle. A sustained breakout above this range could again activate significantly higher price targets.

In the short term, further consolidation appears likely after the recent record highs. Technical indicators suggest a slightly overbought market situation. Nevertheless, the general market environment for gold remains favorable due to low interest rate expectations and geopolitical risks. Investors should regard short-term setbacks as normal market movements, while positive impulses can be expected in the medium term.