Gold Rockets to $3,169 Overnight, Eases to $3,127 by Morning

TradingView data confirms gold surged to a record $3,169 overnight on April 3, 2025, at 2:35 AM CEST. Prices later settled at $3,127.065 by 9:06 AM CEST, down $0.745.

Escalating tensions in the Middle East, particularly between Israel and Iran, triggered a rush to safe-haven assets. A weaker U.S. dollar, falling to 102.5 on the DXY index, made gold more attractive globally.

On April 2, gold climbed from $3,120 to $3,128.115 after a disappointing ADP Employment Report raised economic concerns. Speculation of a Federal Reserve rate cut in May 2025 further supported the rally, as lower rates favor non-yielding assets like gold.

Overnight, a tech rally in Hong Kong drew some investors to equities, pushing gold down to $3,122.750. Bargain hunters stepped in, stabilizing prices by the European session.

New York’s COMEX saw 250,000 contracts traded, while SPDR Gold Shares gained $150 million in inflows. London’s LBMA fixed the morning price at $3,126.50, reflecting steady physical demand.

Shanghai’s SGE reported 18 tonnes traded, up 10% from the previous day. Tokyo’s TOCOM noted a 5% drop in volumes, tracking global trends. Mumbai’s MCX hit ₹78,500 per 10 grams, driven by festive demand.

Gold Holds Steady Amid Geopolitical Tensions

Technically, gold trades within a rising channel, with support at $3,120 and resistance at $3,130. The MACD shows a bearish crossover, signaling short-term weakness, but the long-term trend remains bullish.

The RSI at 48 indicates neutral territory, with potential for a bounce if oversold conditions emerge. X posts highlighted $3,100 as a key resistance, with traders placing buy orders at $3,105.

ETF flows showed mixed sentiment. SPDR Gold Shares and iShares Gold Trust gained $150 million and $50 million, respectively. European ETFs saw $20 million in outflows, reflecting profit-taking.

A JPMorgan analyst predicted gold could hit $3,150 if tensions escalate further. An HSBC trader flagged $3,120 as a critical support level. The retreat from $3,169 reflects profit-taking after the sharp climb.

Geopolitical risks and upcoming U.S. jobless claims data will likely shape gold’s next move. Investors eye $3,120 as a key level, with $3,130 resistance in focus. The market remains on edge, balancing global uncertainty and economic signals.

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