https://www.instagram.com/vanessaclarkipaiThis is your Gold podcast.
Hey everyone, welcome to the Daily Gold Price Tracker with Vanessa Clark. I'm your host Vanessa, and today we're diving into the latest on gold prices, fresh off the volatility shaking the markets.
As of this morning, gold is trading around $4,675 to $4,685 per ounce, down sharply from recent highs near $4,800. Daily Forex reports it stabilizing near $4,635 after retreating to supports at $4,553 yesterday, while Markets.com notes XAU/USD slipping below $4,700 amid hawkish Fed signals and profit-taking. Fortune pegged it at $4,675 as of late yesterday morning Eastern Time. That's a drop of over 3% in the last session alone, with the week still eyeing potential 5% gains despite the pullback.
What's driving this? Geopolitical jitters from the Iran conflict are flipping the script on gold's safe-haven status. President Trump's mixed messages on strikes dashed hopes for a quick end, sparking risk aversion and a stronger US dollar. Rising oil prices are fueling inflation fears, pushing central banks toward tighter policies, which hurts non-yielding gold. Morningstar highlights gold falling alongside stocks, a break from tradition, down about 12% since March amid the Middle East tensions. Technicals from Daily Forex show a bearish trend, with RSI at 44 and moving averages crossing bearishly, eyeing supports at $4,560 and lower.
Bright spots? Central banks stayed bullish, netting 19 tonnes in February per Gold.org, led by Poland's 20-tonne buy. And BullionVault saw a record investor rush, with buyers up 18% as prices crashed, sentiment hitting highs not seen since the pandemic.
Trading tips: Watch resistances at $4,690-$4,760 and supports at $4,560-$4,500. Daily Forex suggests buying at $4,540 targeting $4,700 or selling at $4,785 toward $4,500, but stick to risk management in this volatile Iran war era.
That's your Daily Gold Price Tracker update, friends. Stay savvy out there. Thanks for tuning in, subscribe for more, and catch you next time!
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