Gold ETF pushes price to new record high at $2,956

Gold Price Hits Record High – Ready to Hit $3,000?
Strong safe-haven demand and buying from ETFs pushed spot gold prices up $18 to $2,956/ounce – the 11th highest level this year. The Dollar Index has fallen sharply since the end of the year, making the precious metal “cheaper” for international investors. According to expert Jim Wyckoff from Kitco Metals, technical trends show that gold prices may continue to rise in the short term.
In addition, the US President's moves to impose import tariffs on cars, pharmaceuticals, wood and semiconductor chips are raising concerns about inflation and trade wars, thereby sparking demand for safe havens. In the physical market, SPDR Gold Trust currently owns 904 tons of gold – the highest level since August 2023.
With “mini gold” consistently at the top, investors are eagerly awaiting the possibility of a breakout to the $3,000 mark, along with the PCE report and developments from nine central banks this week.