Gold holds above $2,900 as Safe-Haven demand surges amid Global uncertainty

Gold holds above $2,900 as Safe-Haven demand surges amid Global uncertainty

Gold prices rose in early Tuesday trading, consolidating above the $2,900 level. Ongoing geopolitical and economic uncertainty—exacerbated by the Trump administration’s tariff threats and its rebuke of the US’s traditional Western allies—continues to drive demand for safe-haven gold as traders seek to hedge against an increasingly uncertain future. Demand for the precious metal is so strong that the Bank of England, traditionally relied upon by global entities for bullion storage, is struggling to process shipment requests promptly, with volumes surging exponentially in recent weeks. This dynamic, in itself, may also be contributing to gold’s price gains. Against this backdrop, there may be further upside for gold; however, resistance remains, as Treasury yields and the US dollar both saw a modest uptick overnight, weighing on the non-yielding precious metal.

Ricardo Evangelista – Senior Analyst, ActivTrades



Source: ActivTrader

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