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2024/11
Wisunofx Market Update: Gold Surges Amid Rebound from Recent Decline!
According to Investing.com, the most actively traded December gold futures on the New York Commodity Exchange jumped by $46.00 on November 18, closing at $2,616.10 per ounce, a gain of 1.79%. Additionally, Daily Economic News reports that as the U.S. dollar rally stalled and uncertainty surrounding the Russia-Ukraine conflict intensified, demand for safe-haven assets surged.
This triggered a sharp rebound in gold prices after six consecutive losses, marking the largest single-day percentage increase in nearly three months. By the morning of November 19, spot gold had broken above $2,620 per ounce.
Gold Price Movements Recent Decline: At the end of October, gold’s upward trajectory came to a halt, with prices plunging steadily over the following two weeks.
From October 30 to November 15, international gold prices dropped over 9%, breaching significant thresholds of $2,700 and $2,600 per ounce and even dipping below $2,550 per ounce. On November 15, New York Commodity Exchange gold futures fell 0.21% to $2,567.40 per ounce, marking a weekly drop of 4.73%, the steepest in three years.
Sudden Rebound: On November 18, gold surged sharply, reversing the prolonged downtrend. Analysts attributed this to weakening dollar momentum and heightened geopolitical tensions, which reignited safe-haven demand. Future Outlook: Record Highs Ahead? The outlook for gold investments remains divided: Bearish View: Some argue that no commodity rises indefinitely, and gold is no exception. Bullish View: Others maintain a long-term optimistic stance, citing gold’s appeal as a safe-haven asset amid global economic uncertainties, trade disputes, and geopolitical tensions.
Key Drivers for Gold’s Potential Growth: Central Bank Demand: Central banks are expected to sustain high levels of gold purchases. Fed Rate Cuts: Anticipation of U.S. rate cuts next year may bolster gold prices further. Long-Term Projections: Analysts predict gold will remain among the top commodity trades in 2025.
During Trump’s presidency, gold prices are expected to continue climbing, potentially reaching $3,000 per ounce by December 2025. As uncertainty persists, gold could once again become the go-to choice for risk-averse investors。
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