Reported about 1 year ago
According to a survey by the World Gold Council on July 4, 2024, 68 central banks are expected to increase their gold reserves to 69%, with 80% believing that their gold holdings will rise in the coming year. The US ISM Services PMI dropped to 48.8, the lowest in four years, and market expectations of two rate cuts by the Federal Reserve are strengthened. Geopolitical risks from Russia and the Middle East are also supporting gold price increases, driving a continued demand for safe-haven assets. Historically, from rate hike to rate cut cycles, gold performs positively, and even after rate cuts, gold prices continue to rise. Overall, the outlook for gold remains optimistic amidst uncertainties.
Source: YAHOO