Reported 8 months ago
The delay in interest rate cuts by the Federal Reserve in the US and China's discontinuation of increasing gold reserves have caused gold prices to consolidate above $2,300 per ounce. Despite foreign banks raising their year-end target price to $2,600 and even predicting a breakthrough to $2,800 within the next two years, fund managers believe that gold prices are already too high, potentially limiting the short-term upside. With geopolitical risks and high inflation in the US contributing to the strong demand for gold, investors are anticipating a continuation of the rate cut trend, which could support gold prices in the face of market uncertainty and geopolitical tensions.
Source: YAHOO