Gold Prices Surge Amid Recession Fears

Gold prices have experienced significant fluctuations, recently reaching new all-time highs of $2,493.4 per ounce due to expectations of U.S. Federal Reserve interest rate cuts and escalating geopolitical tensions. Despite gold's surge, Comex silver remains lackluster, closing at $29.16 per ounce, as domestic prices for gold and silver fell following a customs duty reduction in India's Union Budget. The outlook remains positive for gold, with potential targets of $2,575-2,585, but it could face downward pressure if prices fall below $2,340. In the U.S., economic data indicating a slowdown has led traders to anticipate more aggressive rate cuts, with a 70% chance of a 50-basis point cut in September, boosting gold's appeal as a safe haven. Meanwhile, local gold prices in Jordan have remained stable in recent days, reflecting broader market trends. As markets react to recession fears and ongoing conflicts in the Middle East, gold continues to attract safe-haven flows.