Gold prices remained steady today, with the ounce trading at $2,783.37. This stability comes as investors focus on U.S. President Donald Trump’s announced tariff plans and await a key inflation report for insights into future monetary policy.
In yesterday’s meeting, the U.S. Federal Reserve kept interest rates unchanged, with Chairman Jerome Powell indicating a cautious approach, stating that rates would not be lowered until justified by inflation and employment data. This cautious stance supports gold prices, as investors continue to seek safe-haven assets amid economic uncertainties.
Looking ahead, analysts anticipate a continued upward trend for gold, targeting the $2,790 level as a primary objective. This expectation is attributed to sustained strong demand from central banks, especially in emerging economies, aiming to diversify their reserves away from the U.S. dollar.
Additionally, ongoing geopolitical tensions, such as conflicts in Ukraine and the Middle East, enhance gold’s appeal as a safe-haven asset. With these combined factors, we may witness a continued rise in gold prices in the upcoming period.