Gold prices have surged to new record highs, driven by escalating geopolitical tensions and economic uncertainties. The announcement by US President Donald Trump regarding the Gaza Strip has added to the geopolitical instability, prompting investors to flock to gold as a safe-haven asset. Additionally, the ongoing US-China trade war, with new tariffs imposed by both nations, has further fueled demand for gold. The Federal Reserve's stance on potential interest rate cuts has also weakened the US Dollar, making gold more attractive to investors. These factors have collectively contributed to the bullish sentiment in the gold market.
The ProShares Ultra Gold ETF (UGL) rose to $110.10, marking a 1.35% increase from the previous close as of 10:00 AM ET on February 5th.