Gold Price News: Gold price rises to USD 2,685

The gold price reached USD 2,685 today, which represents a further slight increase over the previous days. This movement continues to be mainly due to geopolitical tensions and expectations of monetary easing in the US. Expectations of further interest rate cuts by the Federal Reserve, which has already cut rates by 50 basis points in September, remain a key factor. This makes traditional interest-bearing investments such as bonds less attractive, while gold is gaining importance as a safe haven investment.

The ongoing conflicts, which are particularly characterised by the conflict between Israel and Hamas in the Middle East and the war in Ukraine, have increased global uncertainties. These geopolitical risks are increasingly driving investors into safe havens such as gold. At the same time, the prospect of further interest rate cuts is weakening the US dollar, which is further supporting the gold price. These factors have led to the gold price remaining strong and potentially heading towards the USD 2,700 mark.

The gold price is now testing a resistance level at $2,690, while the support level is at USD 2,665. If the price rises above USD 2,690, a further increase to the psychological mark of USD 2,700 is expected. Analysts also see increased volatility, which could characterise the gold market in the coming weeks.

The combination of geopolitical risks and monetary policy uncertainties suggests that the gold price will remain volatile in the short term. Should the geopolitical crises escalate or weak economic data be published from the US, the gold price could rise further. The USD 2,700 mark remains the short-term target, which could be reached in the coming days.