International Gold Price Hits Record High Again... $3,038 per Ounce Amid Gaza Airstrikes and Tariffs
Up 15% Since the Beginning of the Year
Geopolitical tensions in the Middle East are escalating, and concerns about a U.S. economic recession are growing, causing gold prices to soar. On the 18th (local time), gold prices once again reached a new record high.
According to Bloomberg and other sources, gold spot prices briefly rose to $3,038.26 per ounce that afternoon. This marked a new record following the first-ever breach of $3,000 per ounce on the 14th.
Gold futures prices also hit record highs. On the New York Mercantile Exchange, April delivery gold futures closed at $3,040.80, up 1.2% from the previous session.
Gold prices have risen 15% since the beginning of the year, continuing the upward trend from last year.
On the same day, the Israeli military resumed large-scale airstrikes on the Gaza Strip after a two-month ceasefire. According to the Gaza Strip Ministry of Health, governed by Hamas, more than 400 deaths had occurred by that afternoon due to the airstrikes. Additionally, uncertainty has increased as U.S. President Donald Trump continues tariff policies, boosting demand for safe-haven assets.
Nikki Sills, Head of Metals Strategy at MKS PAMP SA, said, "As Israel launches military attacks targeting Hamas in the Gaza Strip, the ceasefire is at risk of breaking, escalating tensions in the Middle East and attracting new buying interest in gold."
The market is closely watching efforts to broker a ceasefire in the Russia-Ukraine war. The Federal Reserve's Federal Open Market Committee (FOMC) meeting on the 18th-19th is also a key focus. The market expects the Fed to keep interest rates unchanged.
Market analysts predict the gold price rally will continue. Rajan Hilal, Market Analyst at City Index, said, "If gold prices hold above $3,040, the next resistance level in an extreme scenario is expected to be $3,080."
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Vasu Menon, Investment Strategist at OCBC, noted that while there is room for further gold price increases, $3,000 has been a strong resistance level in the short term. "Although gold prices have slightly exceeded this level, it is not seen as a decisive breakout," he said. Menon forecasts gold prices to rise to $3,100 within 12 months.
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