Why gold may—or may not—reach $3,060 next

Gold is now up 15.57% in 2025 after gaining 27.2% in 2024.

If the current momentum continues, traders may target the upper parallel trendline near $3,060 and rising.

Safe-haven demand is a key driver of this rally, but what could disrupt it?

For one, U.S. President Donald Trump and Russian President Vladimir Putin spoke for 90 minutes today, agreeing on steps toward a peace deal in Ukraine, including a pause on attacks on energy infrastructure. However, Putin declined to accept a broader 30-day ceasefire proposed by U.S. and Ukrainian officials.