Gold Price Hits Record High of $2,729 Amid Middle East Tensions and US Election Uncertainty
Investors are flocking to gold as geopolitical tensions in the Middle East escalate and uncertainty looms over the upcoming US presidential election. The closely contested race between Donald Trump and Kamala Harris has heightened market volatility, driving up demand for safe-haven assets like gold.
Israel’s discussions about potential actions against Iran have further fueled market sentiment, despite US President Joe Biden’s calls for a ceasefire. The geopolitical tensions have created a sense of unease among investors, prompting them to seek the stability and security that gold offers during times of political turmoil.
With the US election just around the corner, investors are reshuffling their portfolios to hedge against potential risks. Preliminary polls suggest a close race, adding to the appeal of gold as a protective investment. Analysts are now revising their price targets upwards, with some predicting gold prices to hit $3,000 per ounce by Q4 2025.
The surge in interest in silver, which has reached its highest price since 2012, reflects the bullish sentiment in the precious metals market. Market analysts are optimistic about the future outlook for gold, projecting continued growth in the coming years.
Technical Analysis of Gold
The gold market has broken through key resistance levels, signaling a potential uptrend. The MACD indicator indicates strong upward momentum, with the market eyeing further gains towards $2,757. A short-term correction to around $2,700 is expected before resuming the upward trajectory.
On the hourly chart, gold is consolidating near its recent peak, with a possible pullback to $2,700 before testing higher levels. The Stochastic oscillator suggests a brief consolidation phase before another leg up towards $2,757.
By RoboForex Analytical Department
Disclaimer: Any forecasts are the author’s opinion and not trading advice. Trading decisions should be made based on individual analysis.