Gold Holds Firm Above $2,400 Level, Set for Third Weekly Rise: Yahoo Finance

Gold prices held steady above the $2,400 level on Friday, poised for their third consecutive weekly rise as investors flocked to the safe-haven asset amidst ongoing market volatility.

The precious metal has been a popular choice for investors seeking a hedge against inflation and economic uncertainties, with prices soaring to record highs in recent months. Gold’s resilience above the $2,400 mark indicates strong support from buyers, despite fluctuations in the broader financial markets.

Analysts have attributed gold’s continued strength to a combination of factors, including the Federal Reserve’s dovish monetary policy stance and concerns over rising inflation. The recent surge in COVID-19 cases and geopolitical tensions have also contributed to the metal’s appeal as a safe haven.

Investors are closely monitoring developments in the global economy and geopolitical landscape, with many turning to gold as a reliable store of value in uncertain times. The metal’s ability to hold firm above the $2,400 level underscores its status as a preferred asset for risk-averse investors.

As the economic outlook remains uncertain, gold is expected to remain in demand as a safe haven asset. Analysts forecast further price gains in the coming weeks, with the metal likely to continue its upward trajectory amid ongoing market volatility.