by Priyanka Sachdeva
A combination of factors such as inflation fears amid US President Donald Trump’s focus on trade tariffs, weak investor confidence in riskier assets due to trade tensions, central bank purchases, geopolitical risks, and ongoing market volatility.
Major central banks, particularly in Asia, continue to bolster their foreign exchange reserves with gold, diversifying away from the US dollar.
According to the World Gold Council, central banks purchased over 1,000 tonnes of gold for the third consecutive year in 2024, reaching an astonishing 1,044.6 tonnes.
This trend has continued in 2025, with China’s central bank expanding its gold reserves for the third consecutive month, by adding five tonnes of gold in January, despite the record-high prices.
Should that happen, the immediate support level will be found between US$2,995 and US$3,000 per ounce. Below that, a major support zone lies between US$2,930 and US$2,970, coinciding with the 20-day moving average of US$2,965.39 per ounce.
Source: Business Times
https://www.businesstimes.com.sg/compan ... apid-gains
