Gold prices surged during the North American session, nearing an all-time high of $2,956 as the US Dollar weakened and Treasury bond yields declined. At the time of writing, XAU/USD was trading at $2,949, reflecting a 0.49% increase. This rise has been supported by the largest net inflows into Gold-backed ETFs since 2022, according to Bloomberg. Investor focus remains on US economic data, including the Core PCE inflation gauge, amid uncertainty driven by geopolitical factors and trade policies proposed by US President Donald Trump. Signs of buyer exhaustion have emerged despite Gold hovering near record levels. Market participants are also monitoring Federal Reserve speakers, housing data, and GDP readings this week. Geopolitical developments, including tensions in the Middle East and the Russia-Ukraine conflict, continue to fuel demand for the precious metal. Goldman Sachs has upwardly revised its Gold price projections to $3,100 by the end of 2025. Technically, Gold shows overbought conditions, with potential support levels at $2,900, $2,877, and $2,864 if selling pressure intensifies. — news from FXStreet
