Gold Prices Take a Breather After Record Highs
Published on: Apr 03, 2024|1 min read
London: 3 April 2024 (TraderMade): Gold prices dipped slightly on Wednesday after reaching a record high, but the outlook remains positive for the safe-haven asset. Here's a quick rundown:
Gold (XAUUSD) surged 5.57% during the last week and currently trades at 2282.859.
- Geopolitical tensions in the Gulf Region and ongoing hope for interest rate cuts in the US continue to drive investors towards gold.
- Central banks are major buyers, further supporting gold prices.
- A strong US economy and rising bond yields are putting some downward pressure on gold, but the overall trend is still up.
- Market participants await Fed Chair Jerome Powell's speech for clues on the timing of a potential rate cut, which could further boost gold prices.
Overall, the gold market is in a wait-and-see mode, but the fundamentals remain strong for continued price increases.
