Gold's price showed a slight decrease in early trading, with futures at $3,338.10 an ounce, and spot gold trading at $3,329.43. However, gold has experienced over a 2% increase this week. The upward momentum in gold prices is attributed to President Trump's tax and spending legislation, which is expected to raise the national debt significantly. The Bank of England's governor projected a trading range for gold this year of $3,600-3,100/oz and adjusted price forecasts for the years ahead.
The Bank of England's governor Andrew Bailey stated that there is an anticipated wide and volatile trading range of $3,600-3,100/oz for gold for the rest of the year.
The Bank of England raised their 2025 average price forecast for gold to $3,215 an ounce, up from an earlier forecast of $3,015.
Spot gold is trading at $3,329.43 per ounce, holding above the flatline, and has already increased by more than 2% this week.
President Donald Trump's tax and spending package has triggered upward momentum for gold prices, forecasted to add $3.3 trillion to America's national debt.
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