Safe-Haven Demand Eases—Gold Retreats After Surging, Will the $3,000 Barrier Hold?
TradingKey – As safe-haven demand declines, gold prices are pulling back after recent highs, potentially testing the $3,000 level.
On Tuesday, May 27, during Asian trading hours, spot gold (XAUUSD) dropped over 1%, currently trading at $3,307 per ounce.
Gold Price Chart – Source: TradingView.
On April 22, spot gold surged to an all-time high of $3,500 per ounce. Since then, prices have steadily declined, forming lower highs and new support levels, indicating a clear downward trend that suggests further declines. A drop to $3,000 remains a possibility if the pattern continues.
While gold faces near-term correction risks, major financial institutions remain optimistic:
- Citibank expects gold to recover to $3,500 within the next 0-3 months, consolidating between $3,100 and $3,500 per ounce.
- Goldman Sachs’ Lina Thomas team forecasts gold will rise to $3,700 per ounce by the end of 2025.
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