Gold price backs off record high, but analysts remain bullish
me-metals: Gold retreated from a new all-time high set on Wednesday as some investors booked profits while assessing geopolitical risks from the US election and Middle East conflicts.
According to me-metals cited from mining.com, Spot gold dropped 1.0% to $2,718.79 an ounce by 12:10 p.m. ET after briefly hitting an all-time high of $2,758.25 in the morning trading. US gold futures also fell 1.0% to $2,734.00 an ounce in New York.
Bullion was down as much as 1.5% earlier in the session, with some traders exiting positions amid signs that the precious metal’s recent rally to successive highs may be excessive.
Gold’s relative strength index has been above the overbought level of 70 for the past three sessions, according to Bloomberg data.
A stronger US dollar and rising bond yields also weighed on the metal, whose price has surged by more than 30% in anticipation of the Federal Reserve’s pivot to interest rate cuts. The rally also intensified as uncertainties surrounding the US presidential race and the Middle East conflict grew.
Standard Chartered analyst Suki Cooper expects further upside risk in the coming weeks. The bank sees gold averaging $2,800 an ounce in the fourth quarter, with prices set to average $2,900 for the first three months of next year.
Analysts from Citi Research have a similar outlook. The bank recently upgraded its three-month gold price view to $2,800 per ounce from $2,700 previously, adding that its 6- to 12-month forecast is $3,000.
source: mining.com
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