Gold (XAU/USD) has climbed above $3,400, reversing a previous decline from a two-week high. This surge is attributed to ongoing geopolitical risks, including the Russia-Ukraine war and conflicts in the Middle East, which are driving investors towards safe-haven assets.
Uncertainty surrounding potential trade deals, particularly involving the U.S. and China, is also contributing to the increased demand for gold. Concerns over tariffs and trade imbalances are unsettling investors, further bolstering gold's appeal.
Despite positive trends in equity markets, technical indicators suggest further gains for gold. A breakthrough beyond $3,435 could lead to a retest of the all-time peak and a potential rise towards $3,500. The current spot price for gold is around $3,342.07 USD per ounce.