Who projected $3535 XAUUSD Spot Gold Price target in 2025?
WHY XAUUSD Spot Gold Price Shot up to $3535 price target?
Gold prices soared, with XAU/USD surpassing the $3,500 mark for the first time early on Tuesday, as investors seek safety ahead of United States (US) data releases. The run to safety accelerated amid turmoil in the United Kingdom (UK), although the bright metal retreated temporarily amid widespread US Dollar (USD) demand.
UK government bonds plunged, particularly long-term ones, with the yield on the 30-year gilt reaching 5.68%, its highest level since 1998. Political and fiscal uncertainty ahead of the Autumn Budget presentation can partially explain the latest bond run. The UK Chancellor is expected to announce spending cuts and tax hikes to meet her fiscal plans, while debt piles in the UK.
Aggressive USD bids triggered a short-lived pullback, with buyers returning around $3,469 in the American session. As a result, the bright metal soared to a fresh record high above $3,535, still pressing higher at the time of writing.
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