Gold Price News: USD 2,636 - Political upheaval and the Ukraine conflict shape the market

The price of gold stands at USD 2,636.45 per troy ounce on today's trading day, showing a stable development compared to last week's values. While investors are using the start of the year to develop new strategies, geopolitical uncertainties remain a dominant factor for the precious metals market.

In particular, the political upheavals in North America and the Ukraine conflict are influencing the decisions of many investors. Gold remains a preferred investment option as it offers stability in uncertain times.

On the same day that the US Congress officially confirmed Donald Trump's election victory, Canada's Prime Minister Justin Trudeau announced his resignation. Until the end of March 2025, political life in Canada will largely come to a standstill while a Conservative is tipped as Trudeau's successor.

In the USA, the meeting to certify Trump's election victory went smoothly. Trump will be re-inaugurated on January 20, 2025. Observers warn that Trump's planned pardons for the attackers on the Capitol in 2021 could further exacerbate social tensions in the USA. Outgoing President Joe Biden has sharply criticized these plans and warned against history repeating itself.

The fronts remain hardened in the Ukraine conflict. Ukraine reports heavy Russian losses in the Kursk Oblast, which according to President Volodymyr Selensky have affected 38,000 soldiers in the last five months alone. At the same time, a Russian drone attack was reported in the Kherson region, in which several civilians were killed.

Russia is also accusing Ukraine of a drone attack on the Zaporizhzhya nuclear power plant. This is a threat that has been confirmed by the International Atomic Energy Agency (IAEA). Observers are warning of an escalation that could also jeopardize the stability of the global financial markets.

With the price of gold having risen by more than 27% in 2024, the precious metal remains an attractive option for investors. Experts are forecasting a possible price increase to USD 3,000 per troy ounce in 2025, but warn that the market could overheat.

The US Federal Reserve's monetary policy decisions, demand from central banks and ongoing geopolitical tensions could continue to support the price. However, analysts recommend caution, as a consolidation at this level is also to be expected.

The gold price is currently stable above the USD 2,600 mark. The next resistance level is seen at USD 2,660, while the support level is USD 2,620. Technical indicators such as the Relative Strength Index (RSI) are signaling a neutral market situation.

A breakout above the USD 2,660 mark could pave the way for further price gains. A fall below USD 2,620, on the other hand, would indicate a short-term correction.

Political tensions and the Ukraine conflict will continue to shape the gold market in 2025. Analysts continue to see the precious metal as an important anchor in investors' portfolios. Investors should keep a close eye on global developments in order to adjust their strategies accordingly.