Gold Takes a Hit in Asia as Production Data and US Employment Reports Dampen Demand
Gold prices have been on a downward trend in Asia, with tensions in the Middle East easing and production data being released. Last week, the global gold market witnessed a range of information, from production data to US employment reports. Despite the Federal Reserve’s decision not to raise interest rates and leaving open the possibility of cutting them in the future, demand for gold stalled due to decreased demand in Asia and eased tensions in the Middle East.
Gold prices fell by nearly 2% to $2,301 an ounce over the course of the week. Although prices briefly reached above $2,340 at times, they were unable to sustain these levels. Experts are cautious about short-term prospects, with a survey suggesting that some predict prices to decrease while others expect it to remain stagnant.
Marc Chandler and Lukman Otunuga believe that falling demand in Asia is causing gold prices to decrease. The Chinese market closure during a 3-day holiday and other factors have contributed to this decline in buying pressure. However, despite these short-term challenges, some experts like Adrian Day and Darin Newsom remain optimistic about gold’s prospects 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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