Gold Outlook: Wall Street Turns Upbeat as Middle-East Tensions Fuel a New Run at Records

Gold’s rally regained momentum late last week, with August futures hovering near $3,411 an ounce on 12 June—just a hair below the April closing record of $3,425.30. The metal has now logged 23 record closes in 2025 and is up roughly 29 % year-to-date, a surge Barron’s attributes to persistent geopolitical risk and investors’ fear of missing out on bullion’s momentum. Should prices clear the April peak, technicians are eyeing the next resistance band around $3,509.90, the intraday high set on 22 April 2025.

Kitco’s latest Weekly Gold Survey mirrored that optimism: the majority of Wall Street analysts polled on 13 June expect prices to push higher in the coming week, while retail Main-Street voters registered a more cautious stance ahead of pivotal central-bank meetings. Market veterans such as Asset Strategies International’s Rich Checkan argued that escalating conflict in the Middle East “leaves no doubt where gold is going next.”

That regional turmoil is also producing a striking “safe-haven disconnect.” Gold finished Friday above $3,400 even as the U.S. dollar index stalled, underscoring investors’ preference for bullion over greenbacks when geopolitical headline risk spikes. Kitco notes that Israel’s latest strikes on Iran re-ignited safe-haven flows, propelling gold to a record weekly close while the dollar treaded water.

Bottom line: With Wall Street sentiment firm, Main Street hesitation fading, and a fresh bid from geopolitical uncertainty, gold looks poised to test—and potentially break—its April high. Traders will watch the $3,425 and $3,510 technical ceilings, along with next week’s Fed guidance, for confirmation of the next leg in bullion’s historic 2025 run.

Sources:

Christensen, Neils. “Safe Haven Disconnect: Gold Soars While the Dollar Stalls.” Kitco News, 13 June 2025, 10:05 p.m., www.kitco.com/news/article/2025-06-13/safe-haven-disconnect-gold-soars-while-dollar-stalls

Hoffman, Ernest. “Wall Street Bets on Gains for Gold Next Week, Main Street Maintains a More Cautious Stance as Rate Decisions Loom.” Kitco News, 13 June 2025, 9:48 p.m., www.kitco.com/news/article/2025-06-13/wall-street-bets-gains-gold-next-week-main-street-maintains-more-cautious

Vanjani, Karishma. “Gold Attempts to Break Past Its April Record.” Barron’s, 12 June 2025, 11:52 a.m. EDT, www.barrons.com/articles/gold-rally-april-record-44429e6a