Gold Price News: USD 2646 per troy ounce - Assad declaration, Bundestag election and attack in Moscow

The price of gold remains unchanged today at USD 2646 per troy ounce and continues its sideways movement. Despite increasing geopolitical risks - particularly in the Middle East and Ukraine - as well as political developments in the US, the gold market has yet to show a clear reaction. Investors are holding back for the time being while the markets wait for new impetus that could give the precious metal a new direction.

In the hush money trial against Donald Trump, the judge in charge, Juan Merchan, has rejected the application to overturn the conviction. Trump's defense referred to a recent decision by the US Supreme Court, which grants US presidents far-reaching immunity for official acts. However, Merchan ruled that this immunity was not applicable in the current case, as it concerned private acts prior to Trump's term of office.

In May 2024, the US President-elect was found guilty of falsifying business documents in connection with a hush-money payment to porn actress Stormy Daniels. The aim of the payment was to prevent Daniels' public statements during the 2016 election campaign, which could have damaged Trump's chances of winning the presidency. This made Trump the first criminally convicted ex-president in US history.

The dismissal of the motion underscores the legal challenges Trump remains facing despite his impending inauguration on January 20, 2025. While the ruling is unlikely to deter his supporters, it is causing considerable tension in US domestic politics and further polarizing society. The markets have so far reacted calmly to the decision, but the uncertainty surrounding Trump's inauguration could have an impact on investors' risk appetite in the medium term - and thus also support the price of gold as a safe haven investment again.

After Chancellor Olaf Scholz's lost vote of confidence, the campaign for the early federal election on February 23, 2025 begins. One day after the historic vote in the Bundestag, the major parties - CDU/CSU, SPD and Greens - present their election programs. The early election marks a political turning point and puts Germany's future direction up for debate.

Federal President Frank-Walter Steinmeier now has 21 days to confirm the dissolution of the Bundestag. His consent is considered certain, having already signaled his support for the election date. The parties are now trying to win over voters in a short period of time.

The CDU/CSU are focusing primarily on economic stability, tax relief and tighter migration controls, while the SPD and Scholz want to defend the continuity of their Ukraine policy and social welfare measures. The Greens are once again emphasizing climate protection and sustainable economic policy as central issues.

Analysts expect an intense and polarized election campaign, which could influence both the markets and investors. A possible political stalemate after the election could cause uncertainty and push the gold price back into focus as a hedge against volatile developments.

In an alleged statement via the online messaging app Telegram, Syria's ousted ruler Bashar al-Assad has made his first public statement. Assad claims that he “never” considered resigning or fleeing Syria. According to his account, he left the country only after being explicitly requested to do so by the Russian leadership, after drone attacks had threatened the Hmeimim military base.

The statement contradicts reports by former government officials that Assad fled Damascus several hours before the Islamist militia Haiat Tahrir al-Scham (HTS) invaded. In his statement, Assad called the new rulers “terrorist” and criticized the end of his family's decades of control.

The statement raises questions about Assad's political future and Russia's role in Syria. Observers see it as an attempt by the former dictator to maintain his legitimacy among supporters and to control the narrative of his escape. At the same time, it underscores Russia's decisive role in the Syrian transition of power, which could further weaken Moscow's geopolitical influence.

The Ukrainian secret service SBU has confirmed the killing of Russian General Igor Kirillov as a targeted operation. An SBU spokesperson called Kirillov a war criminal who is said to have ordered the use of chemical weapons against Ukrainian soldiers.

Kirillov and his aide were killed in an explosion in Moscow on Tuesday morning. The explosive device was hidden in an e-scooter and detonated as the general left his apartment building. Russian investigators are classifying the incident as a terrorist attack and pointing to the increasing escalation between the two countries.

While Moscow views the act as an attack on national security, observers see it as a clear message from Ukraine: the country is demonstrating that it is capable of operations deep in the Russian hinterland. This targeted strike against a high-ranking member of the Russian military leadership further increases tensions and could lead to retaliation. At the same time, the operation underscores the ongoing intensity of the conflict, which is also raising new questions in Moscow's security apparatus.

The gold price is showing a stable trend today and is trading at USD 2,646 per troy ounce. The sideways movement that has been ongoing for days reflects the lack of new impulses that could lead to a stronger breakout. Technical indicators continue to point to a narrow trading range in the short term between USD 2,630 and USD 2,670, with the lower limit acting as an important support.

The relative strength index (RSI) is in the neutral range near 52 points. This signals neither an overbought nor an oversold market situation and leaves room for a directional decision. Gold is currently holding steady above the 50-day moving average at USD 2,635, while the 200-day moving average serves as long-term support at USD 2,580. As long as these levels are not breached, the upward trend remains intact. A significant rise above the USD 2,670 mark could pave the way for a move towards the previous year's high of USD 2,717. In the event of a setback, the USD 2,630 region would be crucial, followed by USD 2,610 as the next point of support.

Gold bulls currently appear to be taking a breather while the market awaits new fundamental impetus. A sustained break above the resistance level could attract fresh buyers and drive the gold price back towards its annual high. In the short term, the consolidation phase remains decisive, giving investors the opportunity to review their strategic positions.

The gold price remained stable at USD 2,646 per troy ounce today, continuing the sideways movement observed for days. Geopolitical developments, particularly in relation to Ukraine and Russia, are currently determining investors' risk assessment. The targeted assassination of Russian General Igor Kirillov in Moscow has further intensified tensions between Kiev and Moscow. Russia has classified the incident as a terrorist attack and announced retaliation, while Ukraine has justified the attack as a targeted operation by the secret service. Such events underpin the geopolitical risk premium, which has traditionally supported gold.

Political uncertainty in Germany continues to grow after Chancellor Olaf Scholz lost the vote of confidence. The upcoming elections could influence both European markets and the euro in the coming weeks, which could indirectly affect the gold price. In addition, the US market continues to attract attention: Donald Trump's guilty verdict in the hush money trial made headlines, but so far has had little impact on the gold market. Rather, investors are focusing on the geopolitical situation and its potential consequences for global financial markets.

Today, market participants are cautious and continue to monitor the situation closely in view of the political and geopolitical developments. The gold price remains stable, confirming its high importance as a safe investment in times of global uncertainty.