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New York gold futures just broke through the key level of $4600/oz, with an intraday increase of 1.8%, reaching a new high. Spot gold is also not to be outdone, with quotes already surging to $4590/oz, also setting a new record.
This wave of market movement has indeed attracted the attention of many traders. From futures to spot gold, the simultaneous new highs reflect the market's continued pursuit of safe-haven assets. In the context of a complex and volatile global economic situation, gold remains highly attractive as a traditional safe-haven asset.
It is worth noting that this breakthrough of the $4600 level is not accidental. On the macroeconomic front, U.S. non-farm payroll data underperformed expectations, and the trade deficit issue continues to ferment, all of which are boosting the demand for gold as a safe haven. Meanwhile, market liquidity is ample, with institutions and retail investors increasing their allocations to precious metals.
For traders, this price level could become a new important support. The future trend of the market will depend on closely monitoring U.S. economic data and geopolitical developments.