Gold Hits All-Time High as Safe-Haven Demand Grows Amid Geopolitical Tensions – Century Financial

• Crude Oil

Oil prices steadied following a series of modest gains, as an industry report highlighted another increase in US crude stockpiles, adding to the ongoing uncertainty over global supplies. The industry-funded American Petroleum Institute reported a 3.3 million-barrel increase in US commercial inventories last week, which would be the fourth week of builds if confirmed by official data later on Thursday.
Crude has risen this week on concerns about tighter supply, as OPEC+ looks set to push back a production increase, exports from Kazakhstan were cut by a Ukrainian drone strike, and the Group of Seven nations mulled a tighter price cap on Russian oil. However, trading has calmed after a tumultuous start to the year, with a gauge of implied volatility declining as the market becomes increasingly numb to the array of changes that US President Donald Trump is seeking to implement.
Meanwhile, Trump called his Ukrainian counterpart Volodymyr Zelenskiy a dictator, compounding fears that a deal to end the three-year-old war with Russia will be reached without Kyiv’s involvement. Any peace agreement could impact the status of currently sanctioned barrels from Russia.

• Global Markets

U.S. Markets
The S&P 500 closed 0.24% higher at 6,144.14 on Wednesday, marking its second consecutive record close as investors shrugged off President Donald Trump’s renewed tariff threats. Markets closed higher despite cautious commentary from the Federal Reserve, in which Fed officials expressed a preference for further progress on inflation before considering additional interest rate cuts while also voicing concerns over the potential impact of Trump’s tariffs. Markets appear to view these tariffs as a negotiation tactic rather than an immediate economic threat. Healthcare and consumer staples led sector gains, while financials and materials lagged. Walmart and Alibaba are set to report earnings on Thursday. With economic data in focus, investors are awaiting Thursday’s weekly jobless claims reports for more clues on the state of the economy. The index was down 0.22% on Thursday, trading above the 9 SMA on the daily chart, with potential resistance and support levels around 6176 and 6107.

U.S. Dollar
In the previous trading session, the dollar edged up by 0.1%. However, it is trading in the red today, hovering around the $107 mark. The FOMC meeting minutes released yesterday reaffirmed policymakers’ stance on maintaining steady rates due to stubborn inflation. This “higher for longer” outlook may have supported the dollar’s gains. The market can now shift its focus to the upcoming Initial Jobless Claims data release and February’s Philadelphia Manufacturing Index release, which is scheduled for later today. Technically, the dollar remains flat at $106.91, with key support at $106.62 and resistance found at the 9-day SMA at $107.22.

Crude Oil
Oil is holding steady after delivering modest gains over the previous three sessions. Those gains were driven by concerns over near-term supply tightness after OPEC+ announced a potential delay in production increase and a Ukrainian drone attack disrupted oil flows from Kazakhstan. Last week, the American Petroleum Institute (API) reported a 3.3-million-barrel buildup in stockpiles. If official data released by the Energy Information Administration (EIA) confirms this later today, it would mark the fourth straight week of buildup. Although not confirmed, there is a possibility that exports from Iraq’s Kurdistan region could resume this week. Geopolitical tensions continue to govern oil prices as Trump attempts to secure a peace deal between Russia and Ukraine – with or without Kyiv’s involvement. This could impact the status of Russian barrels that are currently sanctioned. Thus, uncertainty remains high in the oil markets, but implied volatility has moderated. Brent is trading at $76.04, with immediate 50-SMA and 21-SMA support at $75.65 and 100-SMA support at $74.37 on the day chart. It could encounter resistance at $76.82. WTI is trading at $72.07, with support at $71.70 where the 21-, 50-, and 100-SMAs coincide on the 4-hour chart. It could encounter resistance at $73.14.

Gold
Gold rose by 0.4% today and is currently trading at $2944. The ongoing trade war tensions have spiked up the safe-haven demand for gold. Analysts expect the yellow metal to reach $3000 amid the same. The minutes of the Fed’s meeting were released yesterday; the minutes presented a very hawkish stance; however, despite the same, gold continued its bullish trajectory, mainly owing to the uncertain economic implications of President Donald Trump’s proposed policy measures.

From a technical standpoint, gold hit all-time highs today, reaching $2949. On the hourly chart, the commodity is in a strong uptrend, supporting the bullish stance. Support is at the level of 2941, and resistance is at 2960.

• Gold

Gold rose by 0.4% today and is currently trading at $2944. The ongoing trade war tensions have spiked up the safe-haven demand for gold. Analysts expect the yellow metal to reach $3000 amid the same. The minutes of the Fed’s meeting were released yesterday; the minutes presented a very hawkish stance; however, despite the same, gold continued its bullish trajectory, mainly owing to the uncertain economic implications of President Donald Trump’s proposed policy measures.

From a technical standpoint, gold hit all-time highs today, reaching $2949. On the hourly chart, the commodity is in a strong uptrend, supporting the bullish stance. Support is at the level of 2941, and resistance is at 2960.

Gold prices in the UAE today are as follows –
24 Carat – AED 354.25
22 Carat – AED 329.75
21 Carat – AED 316.00
18 Carat – AED 271.00

• Cryptocurrency

Bitcoin price has reclaimed above $97,000 today with-it showing signs of potential recovery above $100,000 this week. The surge in Bitcoin price comes following renowned interest from investors as the U.S. president Donald Trump mentioned in recent speech that he has signed executive orders to end “Joe Biden’s war on Bitcoin and crypto.”

Following reversal in BTC price, the broader crypto market is catching up with a bullish sentiment and most altcoins are approaching potential uptrends. One of the largest gainers from top 10 crypto assets today is XRP, which has spiked over 5% in the past 24 hours. The spike in XRP price comes following the potential launch of spot XRP ETF in Brazil. Other leading altcoins – including TAO, BERA, SEI, and INJ – have spiked over 10% while TIA, PYTH, HYPE and FIL have also spiked notably.

Price action has remained relatively contained, with Bitcoin trading between $93,000 and $106,000 over the past three months. Currently, BTC price stands at $97,000, showing resilience after a brief dip to $93,400 on February 18th. The next psychological barrier appears to be the $99,000 level, which market participants are watching closely.

Last Updated on 1 month by News Desk 1