Today, gold prices are undergoing a correction after reaching an all-time high of $2,708.70 on October 1, 2024. As of today, the price has dropped to around $2,640.60, marking a decline due to several influencing factors.
The primary economic factor driving this correction is the strength of the U.S. dollar, which has become the preferred safe-haven asset amid ongoing geopolitical uncertainties. Additionally, shifting expectations around Federal Reserve interest rate cuts have influenced gold prices. While markets initially expected a 50-basis-point cut in November, current projections favor a smaller 25-basis-point cut. This change reduces the appeal of non-yielding assets like gold, leading to price declines.
However, despite this pullback, many analysts remain bullish on gold in the medium to long term. The underlying factors supporting gold's recent rally, such as economic uncertainty, geopolitical tensions, and inflation concerns, are still present. As such, any further weakening could present buying opportunities for investors looking to re-enter the market.
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