Gold prices soared to a new record for the third consecutive day on February 5, 2025.
Global economic uncertainties drove investors to seek refuge in gold.
The metals price for April delivery jumped by 0.60%, reaching $2,893.00 per troy ounce on the Comex.During trading, gold hit an all-time high of $2,906.00 per troy ounce.
This surge comes amidst United States PMI readings and a growing trade deficit, which led to falling Treasury yields and a weakening dollar.However, in the last five hours, gold prices fell to $2,845.00 per troy ounce.
This decline suggests investors took profits after the recent rally.
Swissquote analysts suggest that while investors might feel more relaxed, the demand for safe assets continues due to Trumps policies.They argue that chaotic international relations will only increase golds allure.
SPDR Business predicts gold could surpass $3,000 per ounce this year due to geopolitical risks and monetary policy shifts.Gold Hits Record Highs Before Sharp Decline on Debruar 5, 2025.
(Photo Internet reproduction)TD Securities maintains an optimistic view, noting the stability from Shanghai traders who bought 2.8 tons of gold overnight.
They believe significant sell-offs are unlikely, supporting short-term gold appreciation despite recent dips.This narrative reflects golds role as an economic bellwether, highlighting the tension between short-term market corrections and long-term geopolitical uncertainties.