Investors stay away from gold
As risk appetite increases, investors are shunning gold, which is often seen as a safe haven asset in times of uncertainty.
Earlier, Tim Waterer, market analyst at futures trading firm KCM Trade, said gold still has room to rise to $2,700 an ounce if this week's labor market data could prompt the Fed to cut interest rates by another 0.75 percentage points by year-end.
Meanwhile, Bart Melek, head of commodity strategy at TD Securities, said the Fed is on a loose monetary policy path after cutting interest rates by 50 basis points and signaling that rates could fall to 3% by 2026, which bodes well for gold.
Earlier, Tim Waterer, market analyst at futures trading firm KCM Trade, said gold still has room to rise to $2,700 an ounce if this week's labor market data could prompt the Fed to cut interest rates by another 0.75 percentage points by year-end.
Meanwhile, Bart Melek, head of commodity strategy at TD Securities, said the Fed is on a loose monetary policy path after cutting interest rates by 50 basis points and signaling that rates could fall to 3% by 2026, which bodes well for gold.
Note
SELL gold 2647
TP1: 2640
TP2: 2632
SL: 2654
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