Gold may be entering a consolidation phase after a strong rally, but demand from central banks continues to send an important signal: gold remains a strategic reserve asset amid ongoing economic and geopolitical uncertainty
Gold prices are regaining some momentum as they test resistance near $4,700 per ounce. Although the precious metal has yet to return to previous key price levels, Morgan Stanley believes gold’s upward trend is not over.
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Spot gold rose 2.7% to USD 4,680.91 per ounce at 08:11 GMT, marking its highest level since April 28. This move came shortly after gold formed a low around the USD 4,500/oz area and quickly attracted renewed buying interest.
Spot gold rose 2.4% to $4,667.39 per ounce, reaching its highest level since April 28. Meanwhile, U.S. gold futures for June delivery also gained 2.4% to $4,678.20 per ounce.
At the time of writing, spot gold was trading near $4,513.70/oz, down 2.16%, while spot silver was at $72.570/oz, down 3.53%
Spot gold fell 0.5% to $4,588.71 per ounce as of 0655 GMT, while U.S. gold futures for June delivery declined 0.9% to $4,600.60 per ounce.
In the first quarter, gold prices rose by around 17% compared with the fourth quarter of the previous year. Silver posted an even stronger gain, jumping 55% in the first three months of the year.
Gold prices remained largely steady on Tuesday as investors waited for clearer signals from stalled U.S.-Iran peace talks and a series of major central bank decisions later this week.
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Spot gold held around $4,709.50 per ounce at 05:53 GMT, after falling 2.5% last week, ending a four-week winning streak.
The global currency market started the new week on a cautious note as the U.S. dollar held broadly steady, with investors continuing to assess the outlook for negotiations between the United States and Iran.