On Tuesday (September 2), amid global economic uncertainty, gold once again demonstrated its unmatched appeal as a traditional safe-haven asset.
So far this year, gold has surged by 34.5%, far outperforming other assets. Against the backdrop of six consecutive months of U.S. manufacturing contraction, escalating tariff disputes, and strong expectations of Fed rate cuts, gold’s powerful rally is no coincidence, but rather a natural safe-haven choice for investors in uncertain times.
Analysts noted that gold’s resilient safe-haven demand has been reinforced by trade frictions and political uncertainties. Continued central bank purchases and diversification away from the U.S. dollar have also provided strong support for gold prices.
Spot gold prices jumped more than 1%, breaking through the historic $3,500/oz level, hitting an intraday high of $3,539.88/oz before closing at $3,533.40/oz.
Trading suggestion: After dipping to $3,469.7 during the day, gold was strongly pushed higher by fundamentals during U.S. trading hours, breaking historic highs to reach $3,540.6 before consolidating. The daily candle closed at $3,532.6 with a large bullish candle featuring equal-length shadows, confirming an effective breakout above $3,500. The daily chart completed an N-pattern breakout, suggesting continued buying on pullbacks today.
Trading strategy: Buy near 3,512, SL 3,505, TP 3,532–3,573.
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