International gold prices once again surged past the $3400 mark, can they break through to new historical highs in the short term?

Overnight, the price of gold futures rose by 0.60%, and on June 2nd, the price of gold futures surged by 2.74%. What are the main factors driving the strength of gold prices? How to judge the short-term trend of gold prices and what key data to focus on? Xu Quanhan, chief analyst of industrial and commercial Bank precious metals strategy, analyzed that changes in geopolitical situations and tariff policies have significantly boosted gold prices. The credibility of the US dollar continues to be questioned, which supports the weakening of the dollar and in turn, boosting gold prices. In the short term, gold prices are expected to remain volatile, with the market focusing on US non-farm payroll data released on Friday.