Domestic gold prices
Domestic gold price trends
Trends in world gold prices
Over the weekend, remarks by Federal Reserve Chairman Jerome Powell boosted investor confidence that the US central bank has completed its monetary tightening process and may cut interest rates as early as March next year.
This information has further boosted gold prices, especially as gold is already strongly supported by the year-end wedding season.
Gareth Soloway, Director of Market Strategy at InTheMoneyStocks.com and President of VerifyInvesting.com, stated: “The price target for gold calculated for 2024 is $2,534 per ounce.”
He added: “Investors may favor gold as a way to protect against economic recession, inflation, money printing, and classic safe-haven transactions.”
Matt Simpson, a market analyst at CityIndex and Forex.com, wrote on X that traders need to be cautious about the implications of this move for gold prices because it occurred during a period of low liquidity.
Simpson said: “Gold just surpassed its 2022 all-time high, rising $75 at the open and breaking out of its implied one-week trading range. There’s a lot of gold news to look forward to. But I’m still skeptical about this move because it’s happening during a period of low trading liquidity.”
Currently, global gold prices are under pressure from profit-taking after a relentless upward trend over the past few weeks.
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