Gold fell by 2.2% last week amid cooling Middle East tensions and fading expectations for early U.S. interest rate cuts this year. Investors are now only confident about a single cut this year, most likely in November, according to the CME’s FedWatch tool.
“Gold bulls bought into last week’s weakness, protecting an elevated long established at much lower levels,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Before last week’s fall, five previous weeks of growth saw gold hitting a record high of $2,431.29 on April 12, due to strong purchases by central banks and demand from Chinese retail investors
“Gold bulls bought into last week’s weakness, protecting an elevated long established at much lower levels,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Before last week’s fall, five previous weeks of growth saw gold hitting a record high of $2,431.29 on April 12, due to strong purchases by central banks and demand from Chinese retail investors