Gold surges to a record high above $3,030 as Ukraine ceasefire negotiations progress.

• Gold continues to set new record highs, surpassing $3,030.
• Traders increase their positions in the precious metal following Israeli strikes on Gaza, which ended the ceasefire agreement.
• Gold remains on edge ahead of Germany’s spending vote and the upcoming phone call between Trump and Putin.

Gold (XAU/USD) surges again, reaching a fresh all-time high of $3,038 on Tuesday. At the time of writing, the precious metal is trading around $3,036, ahead of key upcoming events. The rally follows Israel’s military operations targeting suspected Hamas tactical positions and buildings. This development is seen as marking the end of the ceasefire agreement that began in January, potentially escalating Red Sea attacks by Houthi rebels and prompting retaliatory actions from Hamas in response to Israel’s intervention.

The collapse of the ceasefire comes just hours before U.S. President Donald Trump is set to hold a phone call with Russian President Vladimir Putin to finalize a deal aimed at ending the war in Ukraine. Concerns are mounting after Trump stated on Sunday that Russia and the U.S. are dividing assets between themselves, suggesting that Ukraine has no say in the process while Trump circumvents NATO and the European Union (EU). Meanwhile, Germany’s Bundestag is set to vote on Tuesday on a new budget that, according to Bloomberg, could increase defense spending by approximately $49 billion.