Gold Prices Plummet Amid Rising Risk Aversion
After a slight uptick yesterday, global gold prices took a sharp downturn on the morning of November 9th. Spot gold declined by $24.2 to $2,685 per ounce, while gold futures fell $21.5 to $2,692 per ounce.
The surge in the US dollar following the recent political shift has put significant pressure on gold prices. As markets adapt to potential policy changes, investors are shifting towards riskier assets, leading to a sell-off in gold.
Analysts predict that gold prices may fluctuate within a support range of $2,640 to $2,700. A breach below the $2,640 level could signal a further decline toward the next support at $2,600. However, the long-term outlook for gold remains optimistic, underpinned by expectations of interest rate cuts and persistent geopolitical tensions.
The surge in the US dollar following the recent political shift has put significant pressure on gold prices. As markets adapt to potential policy changes, investors are shifting towards riskier assets, leading to a sell-off in gold.
Analysts predict that gold prices may fluctuate within a support range of $2,640 to $2,700. A breach below the $2,640 level could signal a further decline toward the next support at $2,600. However, the long-term outlook for gold remains optimistic, underpinned by expectations of interest rate cuts and persistent geopolitical tensions.
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