Gold prices are likely to rise back again, helped by the plethora of factors defying softening safe-haven assets demand and expectations of fewer rate cuts this year by the US federal reserve bank, reported by Gulf news on Wednesday. According to the report, prices are showing renewed upward momentum owing to gold bullish outlook and strong underlying support and robust buying, particularly from China, are pushing prices higher.

Recently, US-based investment banking firm, JP Morgan, predicts the gold price level could be elevated to USD 6,000 by 2029, which will be the end of US President, Donald Trump's current tenure. Despite near record prices, China's gold imports reached their highest volume in nearly a year last month. China's central bank reportedly eased import restrictions to meet this booming demand, with gold shipments jumping by a substantial 73 per cent compared to the previous month, reaching 127.5 metric tons.