Gold has been displaying remarkable resilience in recent weeks, consistently holding above its 20-day Exponential Moving Average (EMA) but still struggling to decisively clear the psychological $3,400 mark. Despite several attempts, the price has remained in a consolidation zone that has persisted for nearly 11 weeks, fluctuating within the $3,250 to $3,450 range. Recent volatility was triggered by softer U.S. economic data and heightened geopolitical uncertainties, offering brief surges, but investor appetite for risk and shifting expectations of Federal Reserve policy have kept any rally subdued.

So far in August, gold has continued to attract strong demand from both retail investors and central banks, who view the precious metal as a safe haven amid inflationary concerns and ongoing market instability. Spot gold recently traded around $3,350 to $3,370 per ounce, marking a considerable gain from the previous year and reflecting a more than 25% rise since the beginning of 2025. However, periods of profit-taking and changing risk sentiment have limited sustained upward momentum.

Looking ahead, major institutions remain optimistic about the long-term prospects for gold. Forecasts for the remainder of 2025 see gold trading in a broad band, generally between $3,100 and $3,600 per ounce, depending on macroeconomic developments and geopolitical risks. While some projections even point towards targets as high as $4,000 per ounce if current turmoil persists, most analysts urge investors to focus on gold’s role as a portfolio stabilizer rather than chase short-term price spikes.

For investors, the key takeaway is to maintain perspective. Gold has performed well as both a hedge against volatility and an asset for long-term wealth preservation. While it may not immediately break through $3,400, its ongoing stability above the 20-day EMA signals underlying market confidence.