Gold is under intense pressure on multiple fronts, with prices dropping below $2,600 for the first time since September 20, driven by institutional sell-offs.
Institutional sell-offs and a shift from risk-off hedging to an 'America First' stance have led to a significant decline in gold prices amid reduced central bank purchases.
The expected strong U.S. economic data could strengthen the dollar index to 106, further exerting downward pressure on gold prices in the near term.
Factors such as the U.S. debt situation and changes in the job market may provide medium-term support for gold, despite the prevailing bearish outlook.
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