Gold hits highest level since mid-May as bullish momentum strengthens
AI Market Summary
Gold rose to its highest level since mid-May after news of a US Treasury buyback supported demand; spot and futures both advanced. Near-term positioning is sensitive to upcoming US inflation data and Fed Chair remarks for rate-path clarity. Citi raised its 0–3 month gold target, citing lower real yields, a less hawkish Fed stance, and easing Hormuz Strait tensions.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.14%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
Trade now
⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
Gold prices rose on Tuesday after news that the U.S. Treasury would buy back government bonds boosted sentiment. Spot gold climbed 0.6% to $4,676.75 an ounce, touching its highest level since May 14 during the session, while gold futures gained 0.8% to $4,734.50.
Markets are awaiting upcoming U.S. inflation data and remarks from the Federal Reserve chair for fresh clues on the interest-rate outlook.
Citigroup on Monday lifted its 0–3 month gold target to $4,800, while keeping its 6–12 month target at $5,000, citing easing tensions around the Strait of Hormuz, falling real yields, and a less hawkish Fed stance.
