XAUUSD : Gold's target today will slowly increase again until itGold's target today will slowly increase again until it reaches 2050. If gold breaks 2050, gold will go up to 2061, then gold will fall sharply next week.
The prospect of lower interest rates is still an important factor supporting gold prices, but analysts say investors do not want to place big bets before the US Department of Labor releases the November jobs report and before the meeting. Fed monetary policy on December 12-13.
TD Securities experts said that gold may face selling pressure in the near future. After conquering a new all-time high, the precious metal has been unable to hold on to gains and is now trading near the key psychological level of $2,000 an ounce.
Jim Wyckoff, senior analyst at Kitco Metals, said the gold price uptrend has ended and paused after the recovery, and the $2,000/ounce level will probably be the short-term floor for the gold market.
Rising gold prices are prompting some Indians to trade in gold jewelry for new pieces, amid rising demand for gold during the wedding season in India, the largest consumer of the precious metal. after China.
More Indians want to reuse their gold and higher prices mean imports will remain under pressure, said Surendra Mehta, National Secretary of the Indian Bullion and Jewelery Association. in the coming months.
A segment of consumers actively buys gold to meet wedding-related needs, but the majority of people are staying away from this expensive market.
Mr. Ashish Pethe, a partner at jewelry company Waman Hari Pethe Jewelers, said: “Wedding jewelry shopping is in full swing as this is the peak of the wedding season. Indian gold prices fluctuate around 60,000 Rupees ($720) for 10 grams and some consumers tend to exchange old jewelry for new jewelry."
