Gold Prices Continue to Rise Amid Safe Haven Demand

Forex - The price of gold per ounce has risen for the fourth consecutive day due to increased safe-haven demand for the precious metal. Gold is currently trading at $2,669.62 per ounce, up 0.78%. Analysts note that after surpassing the resistance level of $2,665, the next target for gold is $2,675, with support levels at $2,646 and $2,624.

There are signs that geopolitical risks supporting gold demand have increased, particularly following a series of British Storm Shadow cruise missile strikes on Russia just a day after Ukraine fired American missiles.

Adrian Ash, the research director at BullionVault, stated, “If gold prices surged every time Putin brandished his nuclear arsenal at the West, we would have long surpassed $10,000 per ounce, let alone the $3,000 target some Wall Street experts forecast for 2025.”

Gold prices reached a record high of $2,790.15 per ounce on October 31, before reacting to Trump's victory in the November 5 elections, subsequently dropping to a two-month low of $2,536.71 in mid-November.