Gold prices have reached a record high for the seventh consecutive day, and the market outlook is 2,500.

Daocheng Technology Financial News - Huang Tuesday (April 9) Asian morning, spot gold fluctuated narrowly, and is currently trading around $2338.4/ounce.Gold priceMonday set a record high of $2353.83 an ounce for a seventh consecutive session, closing at $2338.82 an ounce, helped by central bank buying and geopolitical tensions, which strong economic data failed to dampengoldinvestThe heat.

China's central bank released detailed data on Sunday (April 7) showing that gold reserves at the end of March stood at 72.74 million ounces, an increase of 160,000 ounces from the end of the previous month and the 17th consecutive month of increases. Turkey, India, Kazakhstan and some Eastern European countries have also been buying gold this year.

(One-hour chart of gold prices)
Data also showed on Friday that net long positions held by gold speculators on the New York Mercantile Exchange (COMEX) increased by 20,493 contracts to 178,213 in the week ended April 2.

Wall Street began to raise its forecasts. According to Marketwatch, citing sources, Citi analysts updated their three-month forecast to $2,400 an ounce, with their more optimistic forecast for the precious metals at $2,500 an ounce.

However, Bart Melek, head of commodities strategy at Daocheng Financial, said: "Despite the strong economic data, the market still expects a rate cut by the end of June. But if we continue to see strong data suggesting the Fed is in no hurry to cut rates, then gold will not be able to sustain the rally."

"Central bank buying and geopolitical tensions are other supporting factors," Mr. Melek added.

Traders see a chance of a 25 basis point cut for the first time in June at around 52 per cent, according to CME. However, Friday's data showed that US jobs grew more than expected in March, raising questions about the timing of the cut.

And geopolitical concerns have subsided, with Israeli officials optimistic about cease-fire talks with Hamas.

At present, a psychological resistance level has formed near 2350. If this resistance cannot be broken, some bulls may choose to take profits and trigger a short-term correction in gold prices before this week's US CPI data and Federal Reserve meeting notes. If gold prices break the 2350 mark strongly, they are expected to rise towards the 2380-2400 area.

Spot silver also rose more than 1% on Monday to close at $27.83 an ounce, after hitting an intraday high of 28.06, the highest in nearly three years.

This trading day, there is less economic data, focusing on the market's expectations for the US CPI data for March, which will be released on Wednesday, and paying attention to the news related to the situation in the Middle East.

Beijing time 08:52, spot gold is reported 2350.32.