WGC Weekly Markets Monitor: Gold Surges Above $3,200 Per Ounce

SEATTLE (Scrap Monster): The World Gold Council (WGC) published its Weekly Markets Monitor.

Despite the sharp increase in rates, the report claims that gold surged past $3,200 an ounce, hitting yet another record. With key technical barrier currently at $3,350, WGC observed that the robust trend is still in place.

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Last week, President Trump increased tariffs on China to 145% while halting taxes on a number of other nations for 90 days. For the first time in five years, headline inflation showed a decrease. Additionally, there was a little drop in producer prices. Despite a great start to the U.S. bank earnings season, consumer sentiments saw a significant decline.

Despite high market volatility, gold continued to shine, registering a week-on-week gain of 5.8%. The LBMA Gold Price PM recorded 23.8% year-to-date increase. The rising implied volatility coupled with strong ETF flows supported gold’s rally. The level of $3,350 per ounce is still considered as the next major resistance, having hit another record high during the week under review.

The continuation of Trump’s erratic policies could result in gold seeing further gains as a safe-haven asset, WGC report noted.