Gold remains stable after hitting a record high, fueled by economic concerns and geopolitical tensions. Investors await Fed updates.
Gold prices remained stable on Monday following a historic surge last week, driven by global geopolitical tensions and economic uncertainty. Spot gold was flat at $2,983.09 per ounce as of 0518 GMT, after hitting an all-time high of $3,004.86 on Friday. Meanwhile, U.S. gold futures dipped slightly by 0.3% to $2,992.30.
Analysts attribute gold’s strong momentum to stagflation concerns, heightened by inflationary pressures and fears of a potential U.S. recession. Kelvin Wong, senior market analyst at OANDA, noted that gold’s short-term outlook remains bullish, with resistance levels at $3,016 and $3,030.
Market uncertainty has been fuelled by concerns over U.S. tariffs, which have impacted consumer sentiment, alongside ongoing geopolitical tensions in the Middle East and Ukraine. However, a potential breakthrough in diplomatic efforts emerged as Donald Trump announced plans to discuss a ceasefire with Russian President Vladimir Putin.
Investors are now focused on the U.S. Federal Reserve’s upcoming monetary policy meeting, with Chair Jerome Powell’s comments on inflation and trade policies expected to influence gold’s trajectory. Gold has already gained 14% in 2025, reinforcing its status as a hedge against economic instability.
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Armenia and Azerbaijan are now conducting direct peace talks without Russian mediation, according to Armenian Security Council Secretary Armen Grigoryan. He told Armenian media that Moscow’s mediating role has ended and that direct dialogue is now seen as more effective.
Armenian Prime Minister Nikol Pashinyan confidently announced that there will be no war between Armenia and Azerbaijan, emphasizing a shared commitment to a peaceful and prosperous future for the region.
Britain has imposed fresh sanctions on Russia, including asset freezes targeting directors of the oil trading firm Coral Energy Group, now known as 2Rivers Group.
Moscow is currently holding a Victory Day parade to mark 80 years since the end of the Great Patriotic War, with foreign delegations and military units participating.
A helicopter crash in Sri Lanka has resulted in six fatalities, according to military sources cited by AFP on Friday.
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