Reported 11 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