This week kicks off with gold prices hitting yet another record, now clearly exceeding $3,100 per ounce. Since the beginning of the year, gold has increased in value by nearly 19%, following a 27% surge last year. Meanwhile, in Poland, local dealers are now selling the most popular 1-ounce investment coins (weighing 31.1g) for nearly 12,500 PLN. Expert commentary was provided by Tomasz Gessner, Chief Analyst at Tavex.
Gold prices are being driven upward in part by concerns over a potential broader sell-off in the U.S. stock market, as capital flees equities in search of safer havens. A significant factor is also the unpredictability of Donald Trump’s policies, especially in regard to tariffs, as well as another deadlock in peace talks in Ukraine, which once again raises the risk of escalating geopolitical tensions in Eastern Europe.
On the technical side, it’s worth noting the end of the month and the expiration of the March gold futures contract. Starting today, financial data services are quoting the April contract, which was priced slightly higher than the March one.
Tomasz Gessner
Chief Analyst, Tavex
Source: CEO.com.pl
