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Analyst: Gold is currently still in an unstable state

Analyst: Gold is currently still in an unstable state

Bitget2024/10/09 08:09

News on October 9th, gold futures have basically stabilized after a mild sell-off on Tuesday. Rania Gule, senior market analyst at XS.com, said that gold fell by 1% at the close of the previous trading day due to positive economic data from the United States reducing the possibility of further significant rate cuts by the Federal Reserve and reports of potential ceasefire negotiations between Israel and Hezbollah leading to some profit-taking. Gule stated that prospects for easing tensions have begun to shift funds from safe-haven assets like gold towards higher-risk assets such as stocks. As investors are closely watching the minutes of Fed meetings and upcoming inflation data, gold remains unstable; these events could be key factors determining trends in gold over the next few weeks.

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