Gold broke through the $3000 barrier for the first time in mid-March, reaching a peak of over $3500 last week, supported by the escalating trade war between the United States and China - the two largest economies in the world - along with continued purchases by central banks.
Despite the price later declining to $3263 during today's trading, analysts expect continued support for prices amid significant fluctuations in U.S. tariff policies and the anticipated prolonged trade negotiations.
Ole Hansen, head of commodity strategy at Saxo Bank, stated: "The wealth of gold will remain dependent on the struggles of other markets," noting that the yellow metal will continue to be supported as long as the focus remains on the issue of moving away from the dollar and the impact of U.S. tariffs on global growth and financial stability.