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Gold hits $3.380 as dollar weakens

Safe-haven demand boosts gold's rise this week

Gold prices opened trading at the beginning of the week with a significant increase, exceeding $3,387 per ounce, supported by the continued decline of the US dollar, rising geopolitical tensions in the Middle East and Asia, and market fears of a potential global economic slowdown. The growing demand for gold as a safe-haven asset is also being boosted by growing talk about the possibility of the US Federal Reserve changing its approach to monetary policy in the coming months. Recent inflation data has shown signs of a relative slowdown, increasing market bets that the central bank may hold or even cut interest rates by the summer.

Supporting Factors:

• The dollar's weak performance against major currencies such as the euro and the British pound.
• Escalating geopolitical tensions, particularly in the Middle East.
• Investors are concerned about a global economic slowdown, particularly in China and Europe.

What to Expect?

If negative economic indicators persist, gold may see further upward momentum, potentially targeting higher levels this week, especially given the lack of immediate indications of a hawkish Federal Reserve intervention.