Last week, the global gold market witnessed a range of information, from production data to US employment reports. Despite some benefit when the Federal Reserve decided not to raise interest rates and left open the possibility of cutting them in the future, gold prices stalled due to decreased demand in Asia and eased tensions in the Middle East. Gold prices decreased by nearly 2% to $2,301 an ounce over the course of the week.
Experts like Marc Chandler and Lukman Otunuga believe that prices are showing signs of decreasing due to falling demand in Asia. The Chinese market closure during a 3-day holiday and other factors have contributed to the decrease in buying pressure. However, some experts like Adrian Day and Darin Newsom remain optimistic about the market in the medium and long term. Factors such as inflation, potential interest rate cuts, and unresolved geopolitical issues continue to support gold demand.
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Amidst all this uncertainty, one thing is clear: gold remains a valuable asset for investors seeking a safe haven from economic volatility and political instability.