Gold Price News: Uninterrupted upward trend defies global uncertainties

On September 26, 2024, the gold price continues its upward trend, supported by global uncertainties and monetary easing. At around USD 2,670 per troy ounce, the market is showing remarkable resilience to geopolitical tensions and macroeconomic changes.

The US Federal Reserve's sustained interest rate cuts have contributed significantly to the weakening of the US dollar and thus supported gold prices. This trend is reinforced by the People's Bank of China's recent monetary policy decisions, which have also introduced expansionary measures to stimulate economic activity. Such global monetary policy developments are crucial to the strengthening of the gold price, as they reduce the opportunity cost of holding the precious metal.

Technical indicators point to a possible continuation of the bull market, which shows expectations that the gold price could soon reach the USD 2,700 mark. However, there are also signs of the market overheating, as the Stochastic Oscillator and other indicators signal overbought conditions, which could lead to a short-term consolidation before further gains are realized.

The long-term outlook for gold remains positive. Analysts continue to predict that the gold price will rise to a level of USD 3,835.00 over the next five years. These expectations are based on persistent fiscal imbalances, real income increases and geopolitical risks that will maintain strong demand for gold as a safe haven against inflation. Investors are advised to follow upcoming economic data and political developments closely, as these will have a significant impact on the price of gold. Markets are sensitive to comments from central bank officials and updated economic indicators, such as the upcoming personal consumption expenditure report, which could provide further clues as to the future direction of monetary policy.