According to the Wall Street Journal (WSJ) on May 8, the spot price of gold rose by 0.4% to $4,697.55 per ounce (about 6.90 million won) in early Asian trading.
The WSJ reported that the rise in gold prices is attributed to a heightened preference for safe-haven assets amid increasing tensions between the U.S. and Iran.
Simon-Peter Masabni, head of business development at XS.com, stated, "As long as gold remains above $4,680 per ounce (approximately 6.87 million won), the upward trend is maintained." He explained that this level is acting as an immediate support line, and the recent breakout has triggered buying from automated trading programs and institutional funds.
Masabni noted that if the upward momentum continues, there is a greater likelihood of testing the psychological resistance level of $4,800. During trading, the spot price of gold reached $4,725.32 (about 6.94 million won), increasing its gain to 1.0%.
Bas Koijman, CEO of DHF Capital, remarked, "Investors will look for clues about the economy and the direction of the Federal Reserve's monetary policy through U.S. employment indicators."
* This article has been translated by AI.
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