Hovering Just Below Record High

Gold is 0.3% higher in the Asia-Pac session as geopolitical tensions in the middle east continued to drive safe haven demand. Bullion closed 1.7% higher at $2383.34 on Monday, just shy of its all-time high of $2431.50.

• According to MNI’s technicals team, the trend condition in gold remains bullish. The next objective is $2452.5, a Fibonacci projection. Initial firm support is at $2264.8, the 20-day EMA.
• (Bloomberg) Citigroup Inc. raised its 2024 gold estimate to $2,350 an ounce and made a “massive 40% upward revision” to its 2025 forecast to $2,875, it said in a note. That came after Goldman Sachs Group Inc. said Friday the metal was in an “unshakable bull market,” raising its year-end prediction to $2,700.
• Meanwhile, silver outperformed on Monday, rising by 3.1% to $28.7/oz. This brought the gold/silver ratio down further, to its lowest level since early December.