Gold Price News: Gold consolidating at a high level – currently at 3,013 USD

The gold price opened at around 3,023 USD per troy ounce on Monday and fluctuated during the day between a high of 3,033 USD and a low of around 3,002 USD. The trading day ended at 3,013 USD, a slight minus of 0.3%. After the record high of 3,057 USD the previous week, the price is now consolidating at a high level.

A moderate recovery of the US dollar index put slight pressure on the gold price today. At the same time, rising yields on ten-year US government bonds, which rose to 4.33%, weighed on the price as they increase the relative opportunity costs for interest-free investments such as gold. Nevertheless, the Fed's general interest rate policy – with interest rate cuts announced later this year – remains supportive for the gold price.

Over the weekend, US President Trump sent mixed signals regarding the trade dispute. On the one hand, he showed a willingness to be flexible on the planned tariffs; on the other hand, he announced new tariffs on cars and pharmaceuticals. These contradictory messages continue to create uncertainty in the market. In Ukraine, however, a cautious relaxation is emerging after productive talks between the US and Russia took place in Saudi Arabia over the weekend. In the Middle East, the situation remains tense, especially after the recent escalation in the Gaza conflict.

Despite the current sideways movement, the upward trend in gold remains intact from a chart perspective. The most important short-term support level is the psychologically significant USD 3,000 mark. Below that, there is another crucial support zone in the USD 2,950–2,960 range. A sustained break of these zones could intensify the correction. The immediate resistance level is around USD 3,050–3,057; a breakout above this could quickly lead to the USD 3,100 mark.

The consolidation of the gold price is likely to continue in the coming days. At the same time, volatility is expected to remain high. Investors are currently particularly awaiting the publication of US PCE inflation data on Friday. These could provide new clues as to the Fed's future interest rate policy. However, short-term price declines are likely to continue to be seen as attractive buying opportunities, as the fundamental situation – low interest rate expectations and ongoing geopolitical risks – continues to favor the gold price.