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Spot Gold Rips Above $5,200 as Haven Demand Stays Red-Hot

The yellow precious metal surged to a fresh record above $5,250 an ounce as safe-haven demand remained intense, fuelled by renewed geopolitical tension after President Trump flagged another US naval deployment toward Iran and ongoing uncertainty around US policy. A deeply weaker US dollar, pressured by concerns over fiscal discipline and Fed independence amid Trump’s comments on future rate cuts and Fed leadership, continues to underpin the rally, with silver and platinum holding near their own record highs. Markets now focus on Wednesday’s Fed decision, where rates are expected to stay on hold at 3.75%, and attention will fall squarely on Chair Powell’s tone. Technically, momentum remains constructive, with the RSI positive but extremely overbought, the MACD bullish, and the ADX pointing to a strengthening bull trend. However, with the $5,000 target now achieved, it is time to re-evaluate the next phase of the move. That said, bulls could now be eyeing $5,500. Reassess from there.

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