Throughout the day, the price of gold per ounce reached a new record, marking a 1.67% increase from Friday’s close of $3,586.69.
By around 17:30, the rise had moderated to 1.5%, with the ounce (a little over 31 grams) being traded at $3,640.62.
Market analyst Adrián Hostaled told EFE that “gold continues its upward trend,” with a rise of more than 5% this month and a target price of $4,000 in sight.
According to Adrián Hostaled, the price is being driven “by the dollar’s weakness and the growing economic and geopolitical uncertainty. Additionally, the People’s Bank of China has been increasing its gold reserves for the tenth consecutive month, reinforcing its strategy of moving away from the dollar.”
Other analysts believe that the relentless rise in gold occurs in a context marked by economic uncertainty, geopolitical tensions, and a changing monetary environment.
As central banks intensify their purchases and investors seek refuge from risk, the precious metal once again takes center stage in global portfolios, especially with the possibility of the Federal Reserve (U.S. central bank) cutting interest rates at the meeting scheduled for September 17.
Jean-Louis Delhay, investment director at Crédit Mutuel Asset Management, noted that they maintain a positive outlook on gold, given that its performance is not correlated with risk assets, and it should benefit from the continued drop in real rates in the U.S.
According to eToro analyst Javier Molina, the most ambitious technical targets point to the $4,100 zone, but he emphasized not forgetting the tactical risk, as significant market declines tend to trigger forced sales that pressurize metals downward in the short term, before resuming their upward trajectory.
