International gold price expected to continue rising: analysts
(ECNS) –The international gold price maintained its upward trajectory, recording new highs on Friday, driven by factors including U.S. Federal Reserve policy shifts, geopolitical tensions, and increasing demand among central banks, with analysts predicting continued bullish sentiment amid expectations of a rate cut and safe-haven appeal.
COMEX gold futures for June closed 1.76 percent on Friday, reaching a staggering $2,349.1 per ounce. This marks another milestone in the relentless climb of gold prices, which have risen by over 14 percent since March.
Currently, the retail price of domestic gold jewelry from across China has surpassed 700 yuan (about $96.77) per gram.
“The currently rapid rise in gold prices began in early March when ISM Manufacturing PMI statistics came out significantly below expectations. Subsequently, Federal Reserve Board Governor Christopher Waller mentioned the reduction of MBS holdings while increasing Treasury holdings, further fueling market expectations of the Fed’s implicit easing of monetary policy, thereby driving the gold price upwards,” said Wang Yanqing, chief researcher of precious metals at China Futures.
U.S. economic statistics like rising unemployment, declining PCE price index, and lower-than-expected retail sales, confirmed that the resilience of the U.S. economy is diminishing, boosting expectations for the Fed’s rate cut in June and supporting the rise of gold prices.
Consumers shop at a gold jewelry store in Hohhot, Inner Mongolia Autonomous Region, on March 8, 2024. (Photo/China News Service)Related articles
Independent UN experts urge Yemen’s Houthis to free detained Baha'i followers
CAIRO (AP) — Human rights experts working for the United Nations on Monday urged Yemen’s Houthi rebe2024-05-21Strong rebound to British economy ends 'technical recession'
LONDON (AP) — The British economy bounced back strongly in the first three months of the year, bring2024-05-21Unusual floods in eastern Congo causing hardship to almost half a million people, WFP says
GOMA, Congo (AP) — Floods caused by unusually heavy rains in eastern Congo caused hardship for more2024-05-21A campaign ad by a South African party showing a burning flag is called treason by the president
CAPE TOWN, South Africa (AP) — A campaign video for South Africa’s opposition party showing the coun2024-05-21College baseball notebook: Conference tournaments to decide NCAA automatic bids and many at
The field for the NCAA baseball tournament will take shape this week with conference tournaments det2024-05-21West Coast Conference will add Grand Canyon and Seattle beginning with 2025
SEATTLE (AP) — Grand Canyon University and Seattle University will join the West Coast Conference be2024-05-21
atest comment