Gold hits record high as USD struggles for direction
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Gold extends rally to new highs
Gold (XAU/USD) surged to a fresh all-time high near $2,950 early thursday, continuing its strong safe-haven demand trend. Despite choppy trading on wednesday, bullion remains well-supported as investors weigh geopolitical risks, central bank policies, and inflation concerns.
US dollar holds steady amid mixed signals
The US dollar index (dxy) is trading near 107.00, following two consecutive days of gains. however, mixed signals from the federal reserve’s meeting minutes and donald trump’s renewed trade deal hints with china failed to generate a strong market reaction. US stock futures are trading lower, suggesting some risk-off sentiment, which could further support gold prices.
Currency markets show divergence
the japanese yen (jpy) remains strong as boj hawkish expectations push the 10-year japanese government bond yield to a 15-year high, driving usd/jpy below 150.00 the euro (eur/usd) remains under pressure, trading below 1.0450, after three consecutive days of declines pound sterling (gbp/usd) is holding near 1.2600, after failing to sustain gains despite stronger-than-expected uk inflation data.
Central banks and economic data in focus
The People’s Bank of China (pboc) kept its loan prime rates (lpr) unchanged, leading to modest strength in aud/usd, which is trading above 0.6360 investors are watching us initial jobless claims and european consumer confidence data for further clues on economic momentum.
Trading outlook
Gold’s next upside target is $3,000, with immediate resistance at $2,960-$2,970 key support remains at $2,900, with strong buying interest emerging on dips USD weakness and geopolitical risks will likely continue to drive safe-haven flows into bullion.
Gold (XAU/USD) surged to a fresh all-time high near $2,950 early thursday, continuing its strong safe-haven demand trend. Despite choppy trading on wednesday, bullion remains well-supported as investors weigh geopolitical risks, central bank policies, and inflation concerns.
US dollar holds steady amid mixed signals
The US dollar index (dxy) is trading near 107.00, following two consecutive days of gains. however, mixed signals from the federal reserve’s meeting minutes and donald trump’s renewed trade deal hints with china failed to generate a strong market reaction. US stock futures are trading lower, suggesting some risk-off sentiment, which could further support gold prices.
Currency markets show divergence
the japanese yen (jpy) remains strong as boj hawkish expectations push the 10-year japanese government bond yield to a 15-year high, driving usd/jpy below 150.00 the euro (eur/usd) remains under pressure, trading below 1.0450, after three consecutive days of declines pound sterling (gbp/usd) is holding near 1.2600, after failing to sustain gains despite stronger-than-expected uk inflation data.
Central banks and economic data in focus
The People’s Bank of China (pboc) kept its loan prime rates (lpr) unchanged, leading to modest strength in aud/usd, which is trading above 0.6360 investors are watching us initial jobless claims and european consumer confidence data for further clues on economic momentum.
Trading outlook
Gold’s next upside target is $3,000, with immediate resistance at $2,960-$2,970 key support remains at $2,900, with strong buying interest emerging on dips USD weakness and geopolitical risks will likely continue to drive safe-haven flows into bullion.