Gold prices have experienced a significant increase of around 5% to $2,680 per ounce due to rising tensions between Ukraine and Russia.

The situation has escalated with Ukraine launching long-range missiles into Russian territory and Russia responding with intercontinental ballistic missile launches. This has led to concerns about nuclear threats from the Russian president, causing investors to seek safe-haven assets such as gold and the dollar.

Technical analysis suggests a bullish trend for gold, as prices have surpassed the 50-day moving average. Analysts predict that gold could reach $3,000 per ounce by the end of the year, with a short-term target of $2,785. The market is closely watching for a potential rate cut by the Federal Reserve, with a 50% probability for next month. Key economic indicators, including the US PCE inflation report and monthly employment figures, will play a crucial role in shaping these expectations. Investors are advised to consider entry points at $30, with targets set at $35 and $50, while maintaining a stop at $28.50 for a favorable risk/reward ratio.