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Gold nears $3,400 on dollar weakness

Increased demand for safe havens boosts gold gains

📈 Global gold prices rise, approaching the $3,400 barrier Global gold prices recorded a significant increase on Tuesday, May 6, 2025, trading near $3,381 per ounce, approaching the $3,400 barrier, the highest level since the beginning of the year. This rise came amid continued weakness in the US dollar and increased demand for safe-haven assets amid geopolitical tensions and growing concerns about a global economic slowdown.

 Investors are closely monitoring this week's US employment data, which could provide clearer clues regarding the Federal Reserve's monetary policy direction.

If gold prices stabilize above $3,360, we may witness a renewed attempt to breach $3,400 in the coming sessions. Any decline below $3,340 could push the price back to levels around $3,290.