Gold Price News: Gold price continues to rise and reaches new all-time high

In the course of today's trading, the gold price reached a daily high of USD 2,757 per troy ounce, driven in particular by the escalation of global conflicts in the Middle East and Ukraine. In addition, the ongoing BRICS summit in Kazan is causing further tension in the financial markets, as Russia and China are continuing their efforts towards de-dollarization, which further increases the demand for gold as a safe haven investment.

New developments in the Ukraine war paint a bleak picture of the international situation. North Korea has reportedly sent 1,500 troops to Russia to support Russian forces. This is seen as a significant escalation and could decisively change the dynamics of the war. President Zelenskyi warned that these developments further increase the risk of global conflict.

In the Middle East, the situation remains tense. Israel's army has carried out targeted attacks on Hezbollah positions in Lebanon, while Iran continues to provide military support for Hezbollah. The increasing threat of Iranian influence in the region further destabilizes markets. There is also growing concern that the tensions could lead to a blockade of the Strait of Hormuz, which would have a massive impact on oil prices and thus on the global economy.

The BRICS summit in Kazan, Russia, is also having a significant impact on the financial markets. Russia and China are continuing their efforts to reduce their dependence on the US dollar by relying more on gold reserves. These developments have further increased demand for gold, driving up the price. At the same time, market participants are speculating that gold will continue to be supported by a possible reorganization of the global financial system.

The gold price reached a high of USD 2,757 at midday today, but fell back to USD 2,725 during the afternoon. Despite this short-term correction, the overall trend remains bullish and analysts expect the gold price to continue to rise in the coming days. The support level is now at USD 2,715, but geopolitical tensions and economic uncertainties are driving the market, so that a renewed rise above USD 2,757 and possibly beyond is expected. The next targets are USD 2,760 and above.

Geopolitical tensions in Ukraine and the Middle East, as well as discussions at the BRICS summit, could drive up the price of gold further in the coming days. Investors should watch for a continuation of the uncertainties, as the gold market remains heavily influenced by geopolitical and monetary policy risks.