Gold Prices Breach $2,170; Why Is It Up Today? Gold Breaches $2,170; Why Is Gold Up Today?

Gold prices have steadily crossed the $2,170 mark after considerable deliberation and skepticism. The yellow metal market is projecting a prospering stance as gold futures have also risen, signaling a bullish streak. 

The last few weeks were particularly harsh for gold, as the metal was earlier struggling to breach $2,000. The resistance encountered by gold had the market analysts worried for a long time, floating in ideas that the traders may have pivoted towards other lucrative assets, leaving gold to bite the dust. 

Also Read: Gold & Cryptocurrency Surges Threaten the US Dollar’s Global Dominance

Why Are Gold Prices Rising?

With the CPI data scheduled to be unveiled later today, the prices of gold have already started to spark curiosity. Per an update via Wu Blockchain, the platform shared that the CPI data is set to be revealed on March 12th, which has already started to impact the prices of gold on speculation. 

As a result, gold ETFs have noted a considerable spike. The SPDR Gold Shares ETF gained 4.5% over the last week. The iShares Gold Trust ETF has gained 4.6%.

The primary reason why gold prices are gaining market momentum is the looming fair of CPI data and rate cuts that may push the dollar into a corner. Investor sentiment seems bearish for dollars considering the ongoing economic meltdowns and geopolitical tensions.It seems organic for stable inflation resistance assets to gain momentum ahead of the CPI data reveal. 

In the midst of all this, gold price analysts and market experts have shared their opinions on why gold has been rising as of late. 

Also Read: Gold Attracts ‘Strong Buy’ Call: Forecast Suggests Price To Hit $2,700

“We expect gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty with ongoing wars and the upcoming US election.” Warren Peterson, head of community and strategy at ING, told Benzinga