Gold Remains Near Record Levels as Investors Eye Fed Rate Cut

On Tuesday, gold remained near $2,500 per ounce, staying close to record highs due to its status as a safe haven while investors awaited further signals from the Federal Reserve. On Monday, US Secretary of State Antony Blinken announced that Israel had agreed to a proposal aimed at resolving the delays in a Gaza ceasefire and called on Hamas to follow suit. Despite this, concerns about a wider conflict persist following Hamas’s claim of responsibility for a bombing in Tel Aviv. Additionally, markets are preparing for Fed Chair Jerome Powell's speech at Jackson Hole on Friday, seeking clues about the extent of the anticipated rate cut by the Federal Reserve in September.

In gold, the first support level is at 2,470. If this level is breached, the next supports to watch will be 2,450 and 2,412. On the upside, the initial resistance is at 2,510; if this level is surpassed, the next targets will be 2,550 and 2,580.