The demand for precious metals in Asia has slowed down, while tensions in the Middle East have eased, making it challenging for prices to increase in the short term. Last week, the global gold market saw a range of information, from production data to 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.
Gold prices 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. Experts are cautious about short-term prospects, with a survey suggesting that some predict prices to decrease while others expect it to remain stagnant.
Factors such as inflation, potential interest rate cuts, and unresolved geopolitical issues continue to support gold demand in the medium and long term. However, some 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.
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In conclusion, gold demand is still strong despite recent fluctuations in price due to various factors including inflation potential interest rate cuts and unresolved geopolitical issues. However, falling demand from Asia has caused prices to decrease temporarily