Home Business News Gold prices trade sideways amid uncertainty

Gold prices have remained relatively stable recently and traded sideways for several days but could come under some pressure.

Investors are closely monitoring US economic data and Federal Reserve signals to gauge the future direction of interest rates.

Investors could focus on the release of the jobless claims data today, tomorrow’s Michigan consumer sentiment index, and next week’s consumer price index data for April, which could provide insights into the potential timing of Fed rate cuts.

The strengthening US Dollar and hawkish remarks from Fed officials could limit gold’s upside potential in the near term. The prospect of interest rates remaining at elevated levels for longer remains a significant headwind.

Additionally, relatively subdued concerns about geopolitical developments could also limit demand for safe-haven assets. However, central bank gold purchases and strong demand in Asia could continue to support gold to a certain extent.

Leave a Comment

You may also like


Sign up to our daily news alerts

[ms-form id=1]