On Monday (March 24), in the early Asian market, spot Gold fluctuated narrowly, currently trading around $3025.54 per ounce. Gold prices fell 0.7% last Friday due to a stronger dollar and profit-taking, briefly touching the $3000 mark during the session. However, geopolitical and economic uncertainties remain, and with expectations for Federal Reserve interest rate cuts, Gold prices are still supported by dip buying and safe-haven buying. Last Friday, Gold closed at around $3023.04 per ounce, up 1.17% for the week, marking the third consecutive week of gains.

Surveys show that most Analysts and retail investors remain Bullish on Gold price trends for the upcoming week.

Traditionally, Gold is viewed as a safe investment during times of geopolitical and economic uncertainty, typically performing well in a low-interest rate environment. This year, Gold has set 16 historical highs, reaching an all-time high of $3,057.21 per ounce on Thursday.

Marex Analyst Edward Meir stated, "The market is taking a slight breather. Some profit-taking has occurred at the current price level, along with a stronger dollar."

The dollar rose 0.34% last Friday, reaching a two-week high of 104.22, making dollar-denominated Gold more expensive for overseas buyers.

President Trump still intends to implement new reciprocal tariff rates on April 2.

The Federal Reserve maintained the benchmark interest rate as expected last Wednesday but indicated that there would be two rate cuts of 25 basis points each before the end of the year.

Data from the London Stock Exchange Group (LSEG) shows that traders expect the Federal Reserve to cut interest rates by 71 basis points this year, with at least two rate cuts of 25 basis points each, and the cut in July has already been fully priced in.

In terms of geopolitical situation, Israel announced last week that it would launch air, land, and sea attacks against Hamas in Gaza to force the release of remaining hostages, indicating that Israel has abandoned a two-month ceasefire agreement and has fully launched air and ground offensives against Palestinian militant organizations.

The Gaza Strip health department reported on the 23rd local time that the Israeli army launched an airstrike on the surgical building of Nasser Hospital in Khan Younis, southern Gaza, resulting in at least 2 Palestinians dead and 8 injured.

According to news from the Houthi health department on the 23rd local time, a US airstrike on Yemen's capital Sanaa resulted in 4 fatalities.

Ukrainian Defense Minister Umerov announced via Social Media on the night of the 23rd that talks between Ukrainian and US delegations in Saudi Arabia have concluded. The discussions were 'productive,' covering key issues including Energy. Umerov emphasized that President Zelensky's goal is to ensure a fair and lasting peace for Ukraine and all of Europe.

Kitco's weekly Gold survey shows that industry experts have a balanced outlook on gold prices, with a similar proportion of members predicting price increases and decreases in the coming week; however, most retail investors remain Bullish on the future of gold.

Colin Cieszynski, chief market strategist at SIA Wealth Management, stated that he has a neutral outlook on gold for the upcoming week, believing that gold may continue to consolidate its recent breakout above 3000 dollars before the end of the month. Adrian Day, president of Adrian Day Asset Management, considers that a pullback after a sustained rise in gold is normal and healthy, although the pullback may be short-lived and mild. Senior market analyst Darin Newsom from Barchart holds an optimistic view, believing that gold will maintain an upward trend for the foreseeable future, especially amidst increasing global economic and political uncertainties.

However, some Analysts are cautious about Gold's short-term trend. Mark Leibovit, publisher of VR Metals/Resource Letter, pointed out that Gold is currently overbought and a correction is expected. Rich Checkan, president of Asset Strategies International, also believes that Gold may test levels below 3000 dollars, although he remains Bullish on Gold in the long term.

3000 dollars has become a key psychological threshold in the Gold market. Neil Welsh, head of Metals at Britannia Global Markets, stated that in the short term, 3000 dollars may serve as an important Resistance for Gold, attracting dip buyers. Adam Button, head of currency strategy at Forexlive.com, also noted that there is significant Bid for Gold around 3000 dollars, indicating the market's focus on this level.

However, Button also warned investors that after the recent strong rise in Gold, profit-taking may occur. He stated that it is normal for Gold to consolidate above 3000 dollars, and the market needs time to digest the previous increases.

Although the Gold market may face pressure for a correction in the short term, most Analysts believe that the long-term upward trend for Gold has not changed. Factors such as Global economic and political uncertainty, the Federal Reserve's monetary policy, and geopolitical risks will continue to be the main driving forces supporting Gold prices.

Alex Kuptsikevich, senior market analyst at FxPro, pointed out that the upward trend of Gold since early March remains intact, with expectations to further challenge highs of 3180 dollars or even 3400 dollars in the future. Jim Wyckoff, senior analyst at Kitco, also believes that the safe-haven demand for Gold remains strong, expecting Gold prices to continue to rise next week.

PMI data for March from European and American countries will be released today, which investors need to pay close attention to.

(Spot gold daily chart, source: E-Huitong)

As of 06:57 Peking time, the spot Gold is reported at 3025.83 USD/ounce.