Gold Prices Soar as Investors Seek Safe-Haven Assets Amid Fiscal Risks

Gold prices continue to surge as investors seek safe-haven assets amidst concerns about fiscal risks and US monetary policy.

The precious metal rose by another $48 per ounce on the futures market, with spot gold prices increasing by nearly $49 per ounce, extending the upward momentum that began mid-last week.

This increase has pushed gold prices above the technical threshold of $4,692 per ounce, which represents a 38.2% recovery from its recent bottom of around $4,000 per ounce.

According to technical analysis, gold prices are heading towards the next target of $4,900 per ounce, corresponding to a 50% recovery of the previous decline.