Haven Demand Rises! Overseas Analysts Forecast Gold May Rally Toward $5,500 per Ounce

Deep News11:43

On March 2, spot gold closed at $5,321.43 per ounce, marking a gain of 0.82%. During the trading session, the price of gold dropped to as low as $5,260.03 per ounce, down 0.35%, before reaching an intraday high of $5,419.32.

Amid escalating tensions in the Middle East, investors are increasingly turning to the gold market. The future direction of gold prices remains a key concern for market participants. According to a Reuters report, Fawad Razaqzada, a market analyst at CITY INDEX AND FOREX.COM, believes that rising safe-haven demand could push gold prices toward the $5,500 per ounce level again, potentially setting a new record above the January peak of $5,600. However, a potential rebound in the U.S. dollar, should crude oil prices continue to climb, may limit further gains beyond that level.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, commented, "There is no doubt this is a concerning escalation that will drive investors toward precious metals and energy sectors. The full impact is hard to predict, but given last week’s upward momentum, I wouldn’t be surprised if gold reaches new highs."

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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