Gold Price News: Gold hits new high at USD 2,782 due to geopolitical tensions and growing demand

The price of gold reached a new all-time high of USD 2,782 per troy ounce during the trading day. The main drivers behind this increase are the The German stock index DAX recorded heavy losses today, causing investors to shift their interest towards gold.

Israel's army launched a ground offensive in southern Lebanon, accompanied by intense air strikes on Hezbollah positions. Officially dubbed “Operation Northern Arrows”, the operation aims to destroy Hezbollah infrastructure along the Israeli border. More than two dozen villages have been ordered to evacuate. The international community, including the US and the EU, has called on Israel to exercise restraint. However, the situation remains tense, fueling demand for gold as a safe haven investment.

Russia conducted large-scale nuclear exercises today, adding to concerns amid the tense situation in Ukraine. In addition, reports indicate that Ukraine is under increased pressure and drone skirmishes are intensifying. President Zelenskyi criticized the international response to the alleged deployment of North Korean soldiers in Russia as inadequate. This escalation is causing investors to increasingly turn to gold as a stabilizing asset.

The upcoming US election is creating additional uncertainty in the markets. Current forecasts point to a neck-and-neck race between the main candidates, Donald Trump and Kamala Harris. Trump's most recent speeches suggest an increasingly gloomy mood, which is also affecting the market situation. Political uncertainty in the US often has global implications, further increasing the attractiveness of gold.

Technical analysis indicates resistance at USD 2,790. Analysts believe that the gold price could continue to rise if this level is breached. The combination of geopolitical tensions and market uncertainties could continue to drive the gold price in the short term.

With developments in the Middle East, Ukraine and the US, the geopolitical situation remains the main topic for investors. Experts expect the price of gold to remain volatile and possibly reach new highs if the conflicts escalate further and investors seek stable values.