iShares Gold Strategy ETF

IAUF

Market cap $47.3M

The price of gold is moving towards historic highs.

Gold is moving towards the nearest resistance at $2445 – $2450.

Global gold-backed exchange-traded funds (ETFs) experienced their strongest month for more than two years in July, according to data from the World Gold Council (WGC).

Gold (GOLD) prices, which typically outperform during times of economic uncertainty and geopolitical instability, steadied in early trading on Thursday as investors refocused their attention on on the possibility for aggressive interest rate cuts by the Federal Reserve amid economic weakness and escalating tensions in the Middle East.

By RoboForex Analytical Department

Global markets calmed down, which served as a bearish catalyst for gold.

The growth rates for gold and national debt are the same, at about 8%. As the expansion of treasuries continues with no limit, so will gold prices.

Gold has been a particularly interesting asset since the start of 2024, thanks to its strong rally to a new all-time high and forecasts predicting it could rise to and beyond $3,000. However, interest in the commodity reached another level at the beginning of August.

Gold markets rebounded from session lows, supported by the better-than-expected ISM Services PMI report.

According to the report, many panelists noted a return to more stable supply chain performance.