This morning at the opening of the session, gold prices continued last night’s upward momentum and set a new ATH at $4,968/ounce. This means gold is now just a small step away from reaching a completely new milestone of $5,000/ounce.
The primary driver of this rally comes from last night’s PCE data, which was released with no change. This has raised concerns that inflation may return.
In addition, after the Greenland issue cooled down, the U.S. has shown signals that it may launch an attack on Iran, despite previously stating that it would not intervene in Iran.
Logistical preparations by the U.S.’s Middle East ally, Israel, have also been completed, and the U.S. has deployed personnel and resources to the Middle East to prepare for the possibility of a full-scale conflict with Iranian armed forces.
Therefore, gold prices have surged sharply, and today there is a strong possibility that they will break out forcefully toward the $5,000/ounce level.
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