Gold is trading at a new record high, with the precious metal eyeing the $3,000 milestone as its safe-haven features come into play amid rising trade tensions.
As of press time, gold was valued at $2,909, a new all-time high price, after recording an upside of about 1.6% in the last 24 hours. The yellow metal’s recent momentum has culminated in a year-to-date growth of 10.8%.
Overall, gold is riding a bullish wave recently triggered by President Donald Trump announcing tariffs on all goods from Mexico, Canada, and China, with the countries responding with retaliatory measures.
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The short-term rally gained further momentum after Trump announced on February 9 that he plans to impose an additional 25% tariff on all steel and aluminum imports.
At the same time, the market remains on edge, with investors focusing on the upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) data later in the week.
The outcome will likely inform the next Federal Reserve interest rate trajectory, although the institution has announced its intention to slow down on cuts for the rest of the year.
Gold’s path to $3,000
As things stand, gold is on the brink of hitting the $3,000 milestone, needing just a 3% upside from the current price. Regarding the potential to reach $3,000, technical indicators point to an optimistic trajectory for the asset.
For instance, trading expert R. Linda noted in an X post on February 10 that the metal continues its aggressive rally, fueled by economic uncertainty and its appeal as a safe-haven asset.
The analysis suggests that the precious metal’s technical indicators remain firmly in an ascending channel, consistently forming higher highs and higher lows.
The 50-day moving average (MA) has also provided solid support during minor pullbacks, reinforcing the uptrend.
With $3,000 as the next key resistance level, attention is on $2,882 as a critical support zone. R. Linda noted that a successful hold above this level could pave the way for further gains, bringing the long-awaited $3,000 target within reach.
ChatGPT sets date for gold to $3,000
Regarding the possibility of the metal hitting $3,000 this week, Finbold consulted OpenAI’s ChatGPT-4o artificial intelligence (AI) model.
Given that gold gained about 1.6% in the last 24 hours, the AI tool suggested that if this current trend is sustainable, adding around $46 per day, it could hit the key $3,000 level as soon as Wednesday.
However, market volatility surrounding the inflation report could accelerate or delay this move.
A hotter-than-expected CPI reading, signaling persistent inflation, could drive gold past $3,000 immediately after the report, likely by Thursday. Conversely, ChatGPT noted that if inflation cools, a pullback may occur.
Although gold remains susceptible to general market trends, overall consensus suggests that $3,000 is achievable soon. Initially, a Finbold report indicated that ChatGPT had projected the possibility of hitting this new record high to remain feasible in the first quarter of 2025.
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