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Gold prices surged to an unprecedented $3,028 per ounce, driven by a combination of intensifying Middle East conflict and growing worries about US economic health. Israel’s military strikes on Hamas targets in Gaza, which reportedly resulted in at least 322 casualties, underscored gold’s traditional role as a safe-haven asset during geopolitical crises.
On the economic front, February’s US retail sales came in below forecasts, suggesting weakening consumer spending on goods, though not indicating a severe pullback. This data, coupled with deteriorating consumer sentiment and signs of financial stress, has reinforced gold’s appeal as a store of value. The precious metal has climbed 15% this year, extending its strong performance from 2024, with major banks revising their price targets upward. Gold-backed ETFs have seen five consecutive days of inflows, with overall holdings up 5% this year after four years of decline. Despite reaching the significant $3,000 resistance level, analysts suggest gold has potential to reach $3,100 within a year.
