Gold Prices Weaken, But Downward Pressure Remains Limited
Gold prices experienced a slight decline in trading on Tuesday ahead of the European session. At the time of writing, gold prices were trading at $4,324 in line with the limited strengthening of the US dollar. Some market participants took profits after gold briefly approached a record high. The strengthening of the dollar in recent days has been one of the main factors holding back gold's growth, coupled with relatively positive stock market conditions, reducing interest in safe-haven assets like gold.
Nevertheless, pressure on gold prices appears to remain limited. Market sentiment regarding the possibility of an interest rate cut by the US central bank this year could limit further dollar strengthening. Furthermore, uncertainty surrounding the prolonged US government shutdown is also raising concerns about the US economy's performance.
The global situation, still overshadowed by geopolitical tensions and trade uncertainty, has maintained gold's appeal as a safe-haven asset. Amidst uncertain economic conditions, investors tend to maintain interest in this precious metal, even though there is no significant price surge in the near term.
Overall, the current movement in gold prices reflects the tug-of-war between the strength of the dollar and the market's need for safe-haven assets. If pressure on the dollar increases again due to economic factors and monetary policy, gold could strengthen again. For now, despite the correction, gold's medium-term outlook remains quite solid. (asd)
Source: Newsmaker.id
