Gold Heads for Third Monthly Decline Amid Easing Geopolitical Risks
Gold prices remain on track for a third monthly decline, despite a rebound on Friday (May 29). Spot gold rose 0.5% to US$4,514.19 per troy ounce after hitting a two-month low of US$4,365.76, but remains down about 2.4% throughout May and down about 15% in the past three months. US gold futures for August delivery rose 0.3% to US$4,544.80.
Safe-haven sentiment eased after reports emerged of an extension of the US-Iran ceasefire, although final confirmation is still awaited and there has been no official confirmation from Iran. At the same time, stronger US inflation in April reinforced expectations that high interest rates would persist for longer, dampening gold's appeal. Silver fell slightly to US$75.55, platinum weakened to US$1,915.30, while palladium rose to US$1,375.25. The market is monitoring US-Iran developments and further inflation data for potential volatility. (asd)
Gold Price at the Time of This Analysis: $4,512
- Buy if the price moves to $4,528
- Sell if the price moves to $4,513
Resistance 2: $4,548
Resistance 1: $4,533
Support 1: $4,503
Support 2: $4,488
Note: This article is analytical and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
