Gold prices weakened to around $4,010 an ounce on Friday, poised for a second weekly decline. Pressure stemmed from fading hopes for a Fed rate cut after Jerome Powell asserted that a December rate cut was "not guaranteed," keeping the dollar at a high level and dampening gold buying appetite. Safe-haven sentiment also eased after the US and China reached a one-year trade truce on rare earths, easing supply concerns for the high-tech industry.
However, gold remains on track for monthly gains thanks to support from central bank purchases. A World Gold Council report showed central banks purchased 220 tonnes of gold in Q3, up 28% from the previous quarter, with Kazakhstan being the largest buyer and Brazil adding gold for the first time since 2021. These factors helped cushion pressure from a strong dollar and expectations of higher US interest rates for longer.
At the time of this analysis, gold prices were at $4,008.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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