Gold prices have been on a rampage, breaking record upon record. Driven partly by geopolitical tensions, economic uncertainty, the anticipation of lower interest rates, and strong demand from China, these factors have buoyed gold’s market price.
Gold prices reached a record high of $2,790 per ounce in October 2024. Prices have been fluctuating, recently at $2,626 per ounce. From a technical standpoint, gold prices are currently above both short-term and long-term moving averages, immediate support is pegged at about $2,600.
