Gold prices have decreased by nearly 2% to $2,301 an ounce over the course of the week. Despite reaching above $2,340 at times, the prices were unable to sustain these levels due to decreased demand in Asia and eased tensions in the Middle East. Experts are cautious about short-term prospects, with a survey suggesting that some predict prices to decrease while others expect it to remain stagnant.
The global gold market has been affected by a range of factors, including production data and US employment reports. Although there was some benefit when the Federal Reserve decided not to raise interest rates and left open the possibility of cutting them in the future, the upward momentum stalled due to decreased demand in Asia and eased tensions in the Middle East.
Falling demand in Asia has contributed to the decrease in buying pressure, with factors such as China’s market closure during a 3-day holiday affecting gold prices. Despite this short-term challenge, some experts remain optimistic about gold demand 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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