Sixth Weekly Gain in Sight for Gold

Gold prices surged to nearly $2,870 per ounce, hitting record highs and marking a sixth consecutive weekly gain. The rally is driven by increased central bank purchases and rising demand for safe-haven assets amid global trade tensions and economic uncertainty. President Trump imposed a 10% tariff on all Chinese imports, prompting retaliatory measures from Beijing. Loose monetary policies from major central banks, including rate cuts by the ECB, BoE, and BoC, are supporting gold. Markets are also expecting Fed rate cuts and focusing on the upcoming jobs report.

Technically, the first resistance level is at 2,879, with the next targets at 2,917 and 2,950 if breached. On the downside, initial support is at 2,830, followed by 2,790 and 2,760.