Gold is steady in early Asian trade. Prices are likely to consolidate in the short term before another rally toward $3,600/oz by year-end, ANZ Research commodity strategists write in a note.
The precious metal's recent rally, which has been mainly supported by trade uncertainty, is losing steam as U.S.-China trade negotiations are underway.
A strong catalyst would be needed to push gold's prices beyond their record high, they say. "We believe macroeconomic data are likely to take over as the primary catalyst," they add. Spot gold is flat at $3,446.70/oz.
Source: Bloomberg
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