Continuation of the crisis on The Middle Eastas well as the general world instability once again strengthened the position of gold as Safe assetwhile investors evaluate economic data from the USA, causing fears about the slowdown in the economy.
The price of precious metal increased by 0.6% After the announcement of Israel on Tuesday, on the conduct of military strikes on the targets of Hamas in Gaza, which threatens to violate a fragile truce. Palestinian residents reported multiple air strikes in various areas of the gas sector.
At the same time, investors analyze data on retail sales in the United States, published on Monday, which showed less growth than expected in February.
Although the data indicate a weakening of consumer costs for goods, there were no signs of a significant decrease, which did not have a serious influence on the expectations of markets regarding the upcoming reduction in interest rates from US Federal Reserve.
Nevertheless, companies, investors and economists remain warysince the consumer mood is deteriorating, and the signs of financial pressure are enhanced. There is also a risk of escalating trade wars due to US President's policy Donald Trump.
Worsening prospects for both the American and world economics have even more strengthened the role of gold as Value storage In indefinite times. Precious metal recorded the growth of more 14% Since the beginning of the year, continuing its rising dynamics since 2024.
Many large banks have increased their forecasts for gold in recent weeks. The price of gold in the spot market was 3014.60 dollars for ounce, increasing on 0.5%, At 13:05 Singapore time.
The Bloomberg Dollar Spot Index index recorded growth on 0.1%. Prices for silver, platinum and palladium also showed growth.
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