Gold Futures Fall, Creating Good Entry Point for Long Gold
Gold futures fell but held near a record high in choppy trading amid broader market turmoil. Gold futures fell 0.3% to $3,112.80 an ounce, after rising as high as $3,201.60 an ounce on Wednesday. Thursday’s selloff following President Trump’s across-the-board tariff announcement created a more attractive entry point for investors to take a long position—or an increase in value—in gold, Goldman Sachs analysts said in a note. Gold prices appear structurally well supported by continued central bank buying from emerging markets, alongside higher ETF demand on expected Federal Reserve rate cuts and recession fears, GS said. GS continues to recommend going long gold—its strongest commodity conviction—and maintains its year-end forecast of $3,300 an ounce.
Source: Bloomberg