The market remained driven by expectations of further interest rate cuts this year, with investors pricing in a 60% probability of an additional 50 basis points reduction in November.
Persistent concerns about China's economic recovery and heightened fears of a potential global economic slowdown are prompting more investors to seek safe-haven assets like gold.
The medium-term outlook for gold remains favorable, given the general easing cycle adopted by several central banks and ongoing geopolitical risks.
Upcoming US macroeconomic data releases could influence gold price movements and create volatility in the short term, especially with speeches from FOMC members under scrutiny.
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