Reported 7 months ago
International gold price surged to a record high of $2449.89 per ounce in May but has been declining since June. Currently, it fluctuates around $2300 per ounce, sparking investor concerns. However, jewelry experts suggest that as long as gold price stays above $2272, investors need not rush to sell, as the long-term outlook for gold price remains positive. Factors contributing to the recent price volatility include geopolitical tensions in the Middle East and a decrease in gold demand due to delayed gold futures delivery and increased short positions in the market. Despite the current fluctuations, experts predict that the gold price is likely to stay above $2300, especially with the anticipation of a Federal Reserve rate cut by September, potentially pushing the price past $2500 if the rate cut occurs earlier than expected.
Source: YAHOO