Gold Market Update

Gold surged above $2,770 per ounce, reaching a three-month high as investors adjusted positions ahead of key US economic data and reassessed the Federal Reserve’s policy outlook. While the Fed held rates steady, dovish moves from other central banks, including the ECB’s expected rate cut and the BoC’s end of quantitative tightening, provided support for non-yielding gold. The Swedish Riksbank also cut rates, adding to the bullish sentiment. Meanwhile, Fed officials maintained a hawkish stance, citing persistent inflation and strong economic growth. Additionally, concerns over potential widespread tariffs under the Trump administration increased demand for gold as a safe-haven asset.

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