This week, analysts said that gold prices will still find it difficult to break out in the short term when the market lacks momentum to increase points. Factors that have supported gold prices to increase strongly in recent times, such as US tariff policies and geopolitical tensions in some regions, are all easing.
Mr. Daniel Pavilonis, senior commodities broker at RJO Futures, commented that although inflation data has edged up and interest rates have increased slightly, gold prices are still moving sideways within a narrow range. This development shows that gold is becoming less attractive in the eyes of investors and could fall below $3,000/ounce this year.
"If the US starts cutting interest rates and inflation rises higher, that could be a positive signal for gold. However, gold prices have been moving sideways for the past 4 months and the momentum for price increases in the short term is not high."
Mr. Daniel Pavilonis, senior commodities broker at RJO Futures, commented that although inflation data has edged up and interest rates have increased slightly, gold prices are still moving sideways within a narrow range. This development shows that gold is becoming less attractive in the eyes of investors and could fall below $3,000/ounce this year.
"If the US starts cutting interest rates and inflation rises higher, that could be a positive signal for gold. However, gold prices have been moving sideways for the past 4 months and the momentum for price increases in the short term is not high."
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